Remittances grow by 19.45% to USD 12.06 bn – Alfalah Securities Limited

Karachi, June 12, 2012 (PPI-OT): Remittances sent home by overseas Pakistanis’ increased by over 19.45% to USD 12.06 bn during 11M (Jul-May) FY12 against USD 10.096 bn in the corresponding period last year.

According to Alfalah Securities Limited, the monthly average remittances for 10MFY12 come out to be USD 1.096 bn against USD 0.918 bn during last year, depicting a surge of 19.39%. A substantial growth in remittances is attributed to the efforts made by Pakistan Remittance Initiative (PRI) to facilitate both Overseas Pakistanis and their families through a formal channel. In May, the remittances sent home by overseas Pakistanis stood at USD 1.192 bn, up by 13.52% against USD 1.05 bn received in the same month last year.

The inflow of remittances during 11MFY12 came from Saudi Arabia, UAE, United States, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and the EU countries amounted to USD 3.353 bn, USD 2.629 bn, USD 2.128 bn, USD 1.394 bn, USD 1.367 bn and USD 0.336 bn, respectively. Total remittances are likely to cross USD 13 bn mark in FY12, which bodes well for the economy as it provides some cushion to the deteriorating balance of payment situation.

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