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Pakistan receives $13.92b remittances in FY12-13

Pakistan receives $13.92b remittances in FY12-13

Staff Reporter

LAHORE: Overseas Pakistanis remitted an amount of US $13,920.26 million during the last fiscal year (July 2012-June 2013), showing a growth of 5.56 percent or $733.64 million more as compared with $13,186.62 million received during the same period of the last fiscal year.

According to the State Bank of Pakistan, the inflow of remittances during July 2012-June 2013 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $4,104.73 million, $2,750.17 million, $2,186.21 million, $1,946.01 million, $1,607.88 million and $357.37 million respectively as compared with the inflow of $3,687.00 million, $2,848.86 million, $2,334.47 million, $1,521.10 million, $1,495.00 million and $364.79 million respectively in July 2011-June 2012.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the last fiscal year (July 2012-June 2013) amounted to $967.79 million as against $935.36 million received in the last fiscal year (July 2011-June 2012).

The monthly average remittances for July 2012-June 2013 period comes out to $1,160.02 million as compared to $1,098.89 million during the corresponding period of the last fiscal year.

Last month (June 2013), an amount of $1,164.79 million was sent home by overseas Pakistanis, up by 4.23 percent, as compared with $1,117.52 million received in the same month of 2012.

In June 2013, the inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $353.18 million, $218.60 million, $179.93 million, $171.94 million, $138.18 million and $31.03 million respectively compared with the inflow of $333.68 million, $219.14 million, $206.60 million, $126.72 million, $128.12 million and $29.24 million respectively in June 2012.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during June 2013 amounted to $71.93 million as against $73.98 million received in the same month (June 2012) of the last fiscal year.