Overseas Pakistanis send home $1.4 billion in July

KARACHI: Pakistanis working overseas sent $1.404 billion to their families back home in July this year compared with $1.205 billion in the corresponding month last year, an impressive growth of 16.57% or $199.68 million, according to data released by the State Bank of Pakistan on Tuesday.

Remittances coming from different countries mostly showed growth. Inflows during July 2013 from Saudi Arabia, UAE, USA, UK, Gulf Cooperation Council (GCC) countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $410.73 million, $252.41 million, $233.06 million, $221.93 million, $161.44 million and $38.59 million respectively.

In comparison, inflows from these countries were $349.66 million, $240.54 million, $215.30 million, $148.49 million, $140.36 million and $30.83 million respectively in July 2012.

Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries totalled $86.23 million against $79.53 million in the same month a year earlier.

In an effort to facilitate a steady flow of remittances through legal channels, the SBP, Ministry of Overseas Pakistanis and Ministry of Finance had launched a joint initiative called Pakistan Remittance Initiative (PRI) in April 2009. The objective was to facilitate and support faster, cheaper, convenient and efficient flow of remittances.

source: The Express Tribune