Overseas Pakistani workers remitted $2,406.78 million in first two months (July-August) of 2011-12, showing impressive growth of 39.58 per cent.
KARACHI: Overseas Pakistanis remitted record $1.31 billion in August 2011 as against $933.06 million in same month of last year, showing a tremendous jump of 40.45 per cent, State Bank of Pakistan said on Monday.
The previous highest amount remitted in a single month by overseas Pakistani workers was recorded in June 2011 when they sent home $1.10 billion. This was sixth consecutive month when overseas Pakistani remitted over $1 billion. They had remitted $1.05 billion, $1.03 billion, $1.04 billion, $1.10 billion and 1.09 billion in March, April, May, June and July 2011 respectively.
Remittances received from all countries showed impressive growth. In August 2011, inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $309.79 million, $294.46 million, $263.58 million, $163.90 million, $134.31 million and $42.38 million respectively as compared with inflow of $205.56 million, $212.56 million, $186.82 million, $108.29 million, $108.54 million & $29.14 million respectively in August 2010. Remittances from Norway, Switzerland, Australia, Canada, Japan, other countries in the month under review amounted to $102.05 million as against $82.15 million received in August 2010.
Overseas Pakistani workers remitted $2,406.78 million in first two months (July-August) of 2011-12, showing impressive growth of 39.58 per cent or $682.54 million when compared with $1.724 billion received in same period of last fiscal year.
Inflow of remittances in July-August 2011 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU states amounted to $601.62 million, $552.11 million, $458.45 million, $282.45 million, $250.76 million and $74.97 million respectively as compared with $400.50 million, $389.59 million, $330.68 million, $193.86 million, $209.79 million and $52.99 million respectively in July-August 2010.
Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries in first two months of current fiscal year amounted to $186.42 million as against $146.83 million received in the period last fiscal year.
SBP, Ministries of Finance and Overseas Pakistanis had undertaken joint Pakistan Remittance Initiative (PRI) to facilitate flow of remittances through formal channels. It has shown remarkable progress as remittances through formal channels have beaten all previous records.
Pakistan
Pakistan, officially the Islamic Republic of Pakistan (Urdu: اسلامی جمہوریۂ پاکِستان) is a sovereign state in South Asia. It has a 1,046-kilometre (650 mi) coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west,India in the east and China in the far northeast.[7] Tajikistan also lies very close to Pakistan but is separated by the narrow Wakhan Corridor. Strategically, Pakistan is located in a position between the important regions of South Asia, Central Asia and the greater Middle East.[8]
The region forming modern Pakistan was the site of several ancient cultures including theneolithic Mehrgarh and the bronze era Indus Valley Civilisation. Subsequently it was the recipient of Hindu, Persian, Indo-Greek, Islamic, Turco-Mongol, and Sikh cultures through several invasions and/or settlements. As a result the area has remained a part of numerous empires and dynasties including the Indian empires, Persian empires, Arab caliphates, Mongol,Mughal, Sikh and British Empire. Pakistan gained independence from the British Empire in 1947 after a struggle for independence, led by Mohammad Ali Jinnah, that sought the partition of India and the creation of an independent state for the Muslim majority populations of the eastern and western regions of British India.[9] With the adoption of its constitution in 1956, Pakistan became an Islamic republic.[10] In 1971, an armed conflict in East Pakistan resulted in the creation of Bangladesh.[11]
Pakistan is a federal parliamentary republic consisting of four provinces and four federal territories. With over 170 million people, it is the sixth most populous country in the world[2] and has the second largest Muslim population after Indonesia.[12] It is an ethnically andlinguistically diverse country with a similar variation in its geography and wildlife. With a semi-industrialized economy, it is the 27th largest in the world in terms of purchasing power. Since gaining independence, Pakistan's history has been characterised by periods of military rule,political instability and conflicts with neighbouring India. The country faces challenging problems including terrorism, poverty, illiteracy and corruption.
Pakistan has the seventh largest standing armed force and is the only Muslim-majority nation to possess nuclear weapons. It is designated as a major non-NATO ally of the United States and a strategic ally of China.[13][14] It is a founding member of the Organisation of the Islamic Conference (now the Organisation of Islamic Cooperation)[15] and a member of the United Nations,[16] Commonwealth of Nations,[17] Next Eleven economies and the G20 developing nations.
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