Pak remittances grow by 13.5pc in first quarter

KARACHI: Remittances sent home by overseas Pakistanis registered a growth of 13.5 percent to reach $2.646 billion during the first quarter (July-September) of the current fiscal year, spokesman for the State Bank of Pakistan (SBP) said on Monday.

Syed Wasimuddin, Chief Spokesman, State Bank of Pakistan, said that the flow of remittances continued to show a rising trend as an increased amount of $314.8 million was received during the quarter against $2.331 billion during the same quarter last year.

The central bank attributed the rise in remittances to joint initiative of the SBP, finance and overseas Pakistanis ministries by launching “Pakistan Remittance Initiative (PRI)”. The initiative has started materialising and remittances through formal channels are showing considerable growth, the spokesman said.

Recently, Pakistan has been reported as top nation, which has shown the highest growth in the world in remittances, despite recent global financial crisis. Pakistan has received the highest-ever remittances of $8.9 billion during the last fiscal year, the spokesman said.

The inflow of remittances in July-September from the United Arab Emirates (UAE), Saudi Arabia, United States, GCC countries, including Bahrain, Kuwait, Qatar and Oman, UK and the EU countries amounted to $621.28 million, $576.32 million, $511.93 million, $312.73 million, $296.89 million and $84.64 million, respectively against $504.01 million, $430.75 million, $498.76 million, $323.87 million, $235.08 million and $78.27 million, respectively in the July-September 2009.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first three months of the current fiscal year amounted to $242.52 million against $260.02 million during the same period last year.

The monthly average remittances for the July-September period come out to be $882.10 million against $777.17 million during the same period last year, registering an increase of 13.5 percent.

In September, $922.06 million was sent home by the overseas Pakistanis, up by 14.38 percent, or $115.94 million against $806.12 million received in the same month last year.

During September, the remittances from the UAE, United States, Saudi Arabia, UK, GCC countries, including Bahrain, Kuwait, Qatar and Oman, and the EU countries amounted to $231.70 million, $181.24 million, $175.82 million, $103.03 million, $102.94 million and $31.66 million, respectively against $179.84 million, $181.82 million, $134.31 million, $86.59 million, $112.39 million and $26.15m in September 2009.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during September amounted to $95.66 million against $84.94 million during the corresponding period last year, the SBP added.