RemittancesGateway.org

Pakistan: Remittances rise 24.6 percent in July-September

Wednesday, 19 October 2011 15:42

The overseas Pakistani workers' remittances increased by $650.9 million, or 24.60 percent, to $3,297.20 million in the first quarter (July-September) of the current fiscal year FY12 as compared to $2,646.30 million received during the same period in FY11. According to the State Bank of Pakistan (SBP), the remittances received from all countries of the world showed growth during the first quarter of current fiscal year.

The inflow of remittances in July- September, 2011 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $854.18 million, $746.62 million, $627.75 million, $369.36 million, $354.61 million and $101.73 million respectively, as compared with the inflow of $576.32 million, $621.29 million, $511.92 million, $296.89 million, $312.73 million and $84.65 million respectively in July- September 2010.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first three months of current fiscal year (July- September FY12) amounted to $242.95 million as against $242.5 million received in the first three months of last fiscal year (July- September FY11). The monthly average remittances for the July-September 2011 period come out to $1,099.07 million as compared to $882.10 million during the corresponding period of the last fiscal year, registering an increase of 24.60 percent. In September 2011, $890.42 million was sent home by overseas Pakistanis, down 3.43 percent when compared with $922.06 million received in the same month of last year.

In September 2011, the inflow of remittances from Saudi Arabia, UAE, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK, and EU countries amounted to $252.56 million, $194.51 million, $169.30 million, $103.85 million, $86.91 million and $26.76 million respectively as compared with the inflow of $175.82 million, $231.70 million, $181.24 million, $102.94 million, $103.03 million and $31.66 million respectively in September, 2010. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the third month of current fiscal year (September FY12) amounted to $56.53 million as against $95.67 million received in the third month of last fiscal year (September FY11).