Remittances rise to $5.31bn in 10 months

Society Pakistan & World Affairs
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Remittances will reach over $6 billion - up 20% from the previous financial year. Another historic economic achievment for Pakistan :k:

Remittances rise to $5.31bn in 10 months

KARACHI: Remittances sent home by overseas Pakistanis continued to show a rising trend as $5,319.08 million were received in the first 10 months (July-April) of fiscal year 2007-08 compared to $4,450.12 million in the same period last year, showing an increase of $868.96 million or 19.53 per cent. According to the State Bank of Pakistan (SBP), the amount of $5,319.08 million includes $2.20 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

The monthly average of remittances for the period July-April 2007-08 comes to $531.91 million as compared to $445.01 million during the corresponding period of the last fiscal year, registering an increase of 19.53 per cent. The inflow of remittances in the July-April 2007-08 period from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,463.73 million, $1,001.71 million, $907.52 million, $795.18 million, $379.03 million and $147.65 million, respectively as compared to $1,176.12 million, $827.60 million, $673.51 million, $609.88 million, $354.60 million and $123.08 million, respectively in the July-April 2006-07 period.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first 10 months of the current fiscal year amounted to $622.06 million as against $683.09 million in the same period last year. During the last month (April 2008), Pakistani workers remitted an amount of $590.71 million, up $77.36 million or 15.07 per cent when compared to $513.35 million sent home in April 2007. The inflow of remittances into Pakistan from almost all countries of the world increased last month as compared to April 2007. According to the break-up, remittances from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $151.39 million, $119.76 million, $113.90 million, $90.91 million, $44.18 million and $16.52 million, respectively as compared to the corresponding receipts from the respective countries during April 2007, ie $141.43 million, $94.12 million, $77.53 million, $71.59 million, $35.35 million and $12.70 million. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during April 2008 amounted to $54 million as compared to $80.29 million during April 2007.

http://thenews.jang.com.pk/daily_detail.asp?id=112787

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Re: Remittances rise to $5.31bn in 10 months

Acha, I know this is just a cut-paste from a newspaper where you were probably scrolling just to find some positive news amongst all the political mess going on, so let me ask you what you actually know about this. I am just curious, what do this data actually mean, and how/why is foreign remittances from overseas Pakistanis such a huge accomplishment for Pakistan? Is bulk of it, just money that overseas Pakistanis send to their families back-home, and is then spent in Pakistan?

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Re: Remittances rise to $5.31bn in 10 months

60b was a better figure...anyways...something is better than nothing... :)

Any guess of total amount of Pakistani businesses...liquidity... worldwide?

I feel so empty
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Re: Remittances rise to $5.31bn in 10 months

**OH GREAT NEWS
**

**ALLOW ME TO TELL YOU HOW PAK GOVT SAID THANK YOU TO ALL THOSE HARD WORKING PPL OUTSIDE

THEY RAISED THE PRICE TO CALL HOME.SO NOW IT COST MORE TO CALL PAKISTAN ----WHAT A WAY TO SAY THANK YOU TO YOUR PPL WHO LEFT THE COUNTRY CAUSE THERE WERE NO JOBS HERE IN FIRST PLACE
**

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Re: Remittances rise to $5.31bn in 10 months

its called democracy :p

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Re: Remittances rise to $5.31bn in 10 months

Not supporting the article or implying that it is a good thing for the greedy, lazy @ss government to rely upon money of the hard work of NRPs who go through the torture of living away from home, but I do like to mention here that 100% of Pakistanis I have met who moved out of the country were not 'content' with what they had back home. Despite the fact that they held some respectable positions but they were not satisfied and wanted 'more'. So you can call it either 'greed for more' or simply desire of seeking more challenges in some other place around the world.

There are many Pakistanis who are content with what they have back home. I dont know what could be the other circumstances which motivate Pakistanis to move out of the country.

I was told the story of a pharmacy owner in Pakistan who, in his desperate 'desire for more' went to a middle eastern country only to end up working as a labourer at some construction site. Can you believe that? Who would do that? His pharmacy business was not doing too bad but he was not content. What if these same Pakistanis are willing to put the same amount of dedication, hard work, sweat, tough working hours and conditions in their own work back home, will they not improve their conditions in Pakistan itself? Will they still have to move out to accept these kinds of jobs for a 'better future'???

As for the article, it makes one sick to see how the government is so proud of encashing its' citizens' hard work abroad. Why would they not want all that talent back home to work for the country?

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You wont get any responses from him. Its a lost cause.

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Nice one :k:

But he will stay silent, he just cut’s and paste’s, barely understanding what he is pasting

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Alhamdulilallah. This is great news indeed. :k: