Overseas Pakistani remittance rose by $733.64m

An increase of USD 733.64 million in the remittance of overseas Pakistani was observed by the State Bank of Pakistan (SBP) in the last fiscal year (July 2012-June 2013). Overseas Pakistanis remitted an amount of USD13,920.26 million during the last fiscal year showing a growth of 5.56 per cent or USD733.64 million compared with USD13,186.62 million received during the same period of the last fiscal year (July- June 2012), State Bank of Pakistan said. The inflow of remittances during July-June 2013 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to USD4,104.73 million, USD2,750.17 million, USD2,186.21 million, USD1,946.01 million, USD1,607.88 million and USD357.37 million respectively. These amounts could be compared to the inflow of USD3,687.00 million, USD2,848.86 million, USD2,334.47 million, USD1,521.10 million, USD1, 495.00 million and USD364.79 million respectively in July-June 2012. According to State Bank, remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the last fiscal year (July-June 2013) amounted to USD967.79 million as against USD935.36 million received in the last fiscal year (July- June 2012). The monthly average remittances for July-June 2013 period comes out to USD1,160.02 million compared to USD1,098.89 million during the corresponding period of the last fiscal year, said the SBP.