Arab Today, arab today pak foreign remittances jump to record high
Last Updated : GMT 06:13:17
Arab Today, arab today
Arab Today, arab today

Pak foreign remittances jump to record high

Arab Today, arab today

Arab Today, arab today Pak foreign remittances jump to record high

Islamabad - Arabstoday

With an impressive 17.7 per cent annual growth, remittances sent home by overseas Pakistanis surged to a record high and crossed the psychological mark of $13 billion in the previous fiscal year 2011-12, the State Bank of Pakistan (SBP) announced on Wednesday. Continuous growth in remittances is being billed as a lifeline for Pakistan’s economy, especially when energy shortages and high inflation have hurt gross domestic product (GDP) growth. “Remittances have been playing a key role in the country’s economic performance,” said Muzammil Aslam, Managing Director of Emerging Economics Consultancy. Overseas Pakistani workers remitted a record amount of $13.186 billion in the last fiscal year ended June 30, 2012, compared with $11.201 billion received a year earlier, the SBP said. Except for September ($890.42 million) and November ($924.92 million), Pakistanis remitted more than $1 billion in each of the remaining 10 months. Monthly average of remittances rose 17.73per cent to $1.099 billion compared with $933.41 million a year earlier. In June overseas Pakistanis sent home $1.117 billion compared to $1.104 billion received in the same month of 2010-11. In the same month, remittances from USA, UK, GCC countries and EU countries amounted to $333.68 million, $219.14 million, $206.60 million, $128.12 million, $126.72 million and $29.24 million respectively. In comparison, remittances from these countries were $291.55 million, $270.04 million, $204.64 million, $121.35 million, $106.20 million and $33.83 million respectively in June 2011.

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