Long live patriotic overseas Pakistani’s. :k:
Pakistan receives record $4.6b remittances
Pakistan collected record foreign exchange remittances from the Middle East region as it received $2.06 billion workers remittances during fiscal year 2005-06. Saudi Arabia with $750.44 million tops the remittances list from the region followed by United Arab Emirates ($716.30), Kuwait ($246.75), Oman ($130.45 million), Qatar ($118.69 million) and Bahrain ($100.57 million). The UAE remained a second major contributor in remittances as Pakistani expatriates sent $716.30 million, a slight increase from $712.61 million in preceding fiscal year. Workers residing in the emirate of Dubai sent $540.24 million remittances, Abu Dhabi $147.89 million and Sharjah contributed $26.87 million remittances. The other emirates’ share also slightly improved to $1.3 million during last financial year. Pakistan has over half a million of its nationals living in the UAE. Majority of them are in Abu Dhabi and Al Ain, while remaining are in Dubai, Sharjah, Ajman etc. The latest available figures show an upward trend in line with post September 11 scenario. Remittance inflows have stabilised since a sharp rise two years ago. More overseas Pakistanis started using banks to wire home their foreign currency following a crackdown on informal money exchanges after the September 11, 2001 attacks in the United States.
Single largest country: Although, the inflow of workers’ remittances from United States down 3.98 per cent to $1.242 billion in previous fiscal year but it remained on top of the list as a single largest country as far as inflow of remittances is concerned. However, Pakistan received 17.96 per cent more remittances from the United Kingdom as the expatriates sent $438.65 million during fiscal year 2005-06 as against $371.86 million in the previous financial year. European Union countries ($119.62 million), Canada ($81.71 million) and other countries ($573.31 million) are the other major contributors in remittances.
Record remittances: As per latest available statistics from the central bank, Pakistan received record $4.6 billion in foreign exchange remittances during fiscal year 2005-06, up 10.35 per cent from the same period a year earlier. Remittances is the second major source of foreign exchange earnings in Pakistan after exports. Pakistan received $4.168 billion remittances during financial year 2004-05, up from $3.871 billion in the previous year. **The government had set a $4 billion target for 2005-06 amid considering an upward trend in last two years. **