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Remittances up by $1.5b

Remittances up by $1.5b

KARACHI: Remittances by overseas Pakistanis have registered a growth of 9.46 per cent over the previous fiscal year. $7.79 billion remittances have been sent in the first half of the ongoing fiscal year, according to a report by State Bank of Pakistan. The half-yearly total of remittances in FY 2012-13 was $ 6.3 billion.

The details of the State Bank of Pakistan showed that the traditional sources of remittances were the main reason for the rise in the remittances.

Highest amount and highest increase were noted in remittances from Saudi Arabia which was $ 2.203 billion with an increase of $ 243 million during the first half of this fiscal year. Remittances from the United Arab Emirates were $ 1.57 billion with a rise of $ 112 million; $ 1.25 billion from the United States with a rise of $ 93 million; and $ 1.139 billion from the United Kingdom with a rise of $ 104 million.

The monthly average inflow rose to $ 1,298 million as compared to six-month average of last year’s $ 1,186 million.

Pakistan is among the major countries which receive large amount of remittances like $ 13.9 billion in FY 2012-13. The half-yearly inflows are highly encouraging to help the government in struggling to keep paying back its debts, support the weakening exchange rate and build the reserves even with the help of borrowed money to a reasonable level.