July to May of fiscal year 2012-13

Workers’ remittances rise 6 percent to $12.76 billion

Staff Report

KARACHI: Overseas Pakistanis remitted an amount of $12.762 billion in July to May of fiscal year 2012-13, showing a growth of 5.74 percent or $693.34 million as compared with $12.069 billion received during the same period of last fiscal year 2011-12.

The inflow of remittances during July-May FY13 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $3,751.55 million, $2,531.57 million, $2,006.14 million, $1,774.06 million, $1,469.70 million and $326.34 million, respectively as compared with the inflow of $3,353.32million, $2,629.72 million, $2,127.87 million, $1,394.38 million, $1,366.88 million and $335.55 million, respectively in July to May FY12. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first 11 months of FY13 amounted to $902.98 million as against $861.38 million received in the first 11 months of last FY12.

The monthly average remittances for July to May FY13 period comes out to $1,160.22 million as compared to $1,097.19 million during the corresponding period of the last fiscal year.

Last month (May 2013), an amount of $1,192.62 million was sent home by overseas Pakistanis, up by 0.04 percent as compared with $1,192.11 million received in the same month of 2012.

In May 2013, the inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $379.96 million, $219.56 million, $186.29 million, $162.95 million, $138.03 million and $28.65 million, respectively as compared with the inflow of $365.46 million, $243.46 million, $205.52 million, $130.71 million, $140.27 million and $30.96 million, respectively in May 2012. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during May 2013 amounted to $77.18 million as against $75.73 million received in the same month (May 2012) of the last fiscal year.

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