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Govt eyes over $12 billion remittances
By: APP | January 24, 2012
ISLAMABAD - The country has received an average of $1.054 billion per month so far during the first six months of the current financial year (2011-2012) as workers remittances from abroad.
If this healthy trend continues during the remaining half of the current financial year then the target of $12 billion would certainly be surpassed, Rana Asad Amin, spokesman of Ministry of Finance told APP here on Monday. The spokesman said that the amount of remittances sent home by Pakistanis living abroad crossed the `billion dollar mark yet again during the month of December 2011.
Last month, he said overseas Pakistanis sent home $1.085 billion, providing a vital boost to the economy. Rana Asad Amin further said that in the comparison, the amount of remittances received during December 2010 was lower by a significant 25.75 per cent, however the monthly average of workers remittances has remained above the $1 billion mark since March, 2011.
The $1.085 billion that arrived last month maintained the momentum that has been built up since March 2011, he remarked. The spokesman added that the remittances made up a sizeable portion of the GDP of Pakistan. It is one of the major components of non-debt-creating inflows that increase consumption liquidity in our economy, he remarked.
Remittances, he said, also impact the health of the Current Account of the Balance of Payments.
They build the countrys foreign exchange reserves and thereby lend stability to the Exchange Rate. In addition, he said, foreign exchange coming in as remittances is viewed with a more positive eye in comparison to funds being lent from International Financial Institutions (IFIs). Remittances, he further explained contribute to our economic sovereignty since this source of foreign exchange is not linked with strings or conditionalities and is not in the form of loans. The high inflow of remittances, he said owes itself to some important policy measures taken by the government.
He highlighted that the foremost in this regard is the `Pakistan Remittances Initiative (PRI), which was designed to remove barriers to the flow of remittances and improve access to banking facilities to overseas Pakistanis and their families.
This joint effort of Ministry of Finance, State Bank of Pakistan, and Ministry of Overseas Pakistanis is an efficient, transparent, and reliable transaction system that has proved its effectiveness, he remarked.
The second major factor, he said was the increase in the amount of remittances is the increasing number of Pakistanis going abroad for work. According to the Bureau of Emigration and Overseas Employment, there has been significant increase in emigration during the last four years. Predominantly, this increase of Pakistanis is in countries like Oman, Qatar, Lebanon, Jordan, Brunei, Bahrain, Japan, Sweden, and UAE.
He said If we analyze the country-wise data of workers remittances given by the State Bank of Pakistan, the largest chunk comes from the Middle East. The shares of Saudi Arabia, UAE, and other GCC countries add up to more than 60 per cent of the total workers remittances being sent to Pakistan.
He said that it is an important consideration that needs to be kept in mind by policy and decision-makers. He further said that to attract and facilitate Pakistanis living in Europe, East and Southeast Asia the government has taken a number of steps to enhance the flow of remittances through official channels.
In this regard, he said Formulation of Exchange Companies authorized to deal in Foreign Currency notes, postal notes, money orders and traveller cheques.
He informed that at present, twelve Exchange Companies have commenced operations.
Similarly, he said the Establishment of centralized Home Remittances Cell has been introduced in 5 major banks namely HBL, NBP, UBL, MCB and ABL. The Cell reduces the transmission time of remittances, he remarked.
The spokesman said that SBP has also taken steps to control remittances through undocumented channels.
In the current economic scenario, workers remittances provide the much required support to our economy as a whole, he remarked. He said the evidence of that is the turning of the Current Account deficit into a surplus during the month of December 2011.
He added that to maintain the monthly average of remittances above $1 billion for the last 10 months a lot of effort has gone in at the State Bank and the Ministry of Finance.
---------- Post added at 03:13 PM ---------- Previous post was at 03:12 PM ----------
To Rana Asad Amin, spokesman of Ministry of Finance, this is bcoz of policies of the Gov? MY FOOT
By: APP | January 24, 2012
ISLAMABAD - The country has received an average of $1.054 billion per month so far during the first six months of the current financial year (2011-2012) as workers remittances from abroad.
If this healthy trend continues during the remaining half of the current financial year then the target of $12 billion would certainly be surpassed, Rana Asad Amin, spokesman of Ministry of Finance told APP here on Monday. The spokesman said that the amount of remittances sent home by Pakistanis living abroad crossed the `billion dollar mark yet again during the month of December 2011.
Last month, he said overseas Pakistanis sent home $1.085 billion, providing a vital boost to the economy. Rana Asad Amin further said that in the comparison, the amount of remittances received during December 2010 was lower by a significant 25.75 per cent, however the monthly average of workers remittances has remained above the $1 billion mark since March, 2011.
The $1.085 billion that arrived last month maintained the momentum that has been built up since March 2011, he remarked. The spokesman added that the remittances made up a sizeable portion of the GDP of Pakistan. It is one of the major components of non-debt-creating inflows that increase consumption liquidity in our economy, he remarked.
Remittances, he said, also impact the health of the Current Account of the Balance of Payments.
They build the countrys foreign exchange reserves and thereby lend stability to the Exchange Rate. In addition, he said, foreign exchange coming in as remittances is viewed with a more positive eye in comparison to funds being lent from International Financial Institutions (IFIs). Remittances, he further explained contribute to our economic sovereignty since this source of foreign exchange is not linked with strings or conditionalities and is not in the form of loans. The high inflow of remittances, he said owes itself to some important policy measures taken by the government.
He highlighted that the foremost in this regard is the `Pakistan Remittances Initiative (PRI), which was designed to remove barriers to the flow of remittances and improve access to banking facilities to overseas Pakistanis and their families.
This joint effort of Ministry of Finance, State Bank of Pakistan, and Ministry of Overseas Pakistanis is an efficient, transparent, and reliable transaction system that has proved its effectiveness, he remarked.
The second major factor, he said was the increase in the amount of remittances is the increasing number of Pakistanis going abroad for work. According to the Bureau of Emigration and Overseas Employment, there has been significant increase in emigration during the last four years. Predominantly, this increase of Pakistanis is in countries like Oman, Qatar, Lebanon, Jordan, Brunei, Bahrain, Japan, Sweden, and UAE.
He said If we analyze the country-wise data of workers remittances given by the State Bank of Pakistan, the largest chunk comes from the Middle East. The shares of Saudi Arabia, UAE, and other GCC countries add up to more than 60 per cent of the total workers remittances being sent to Pakistan.
He said that it is an important consideration that needs to be kept in mind by policy and decision-makers. He further said that to attract and facilitate Pakistanis living in Europe, East and Southeast Asia the government has taken a number of steps to enhance the flow of remittances through official channels.
In this regard, he said Formulation of Exchange Companies authorized to deal in Foreign Currency notes, postal notes, money orders and traveller cheques.
He informed that at present, twelve Exchange Companies have commenced operations.
Similarly, he said the Establishment of centralized Home Remittances Cell has been introduced in 5 major banks namely HBL, NBP, UBL, MCB and ABL. The Cell reduces the transmission time of remittances, he remarked.
The spokesman said that SBP has also taken steps to control remittances through undocumented channels.
In the current economic scenario, workers remittances provide the much required support to our economy as a whole, he remarked. He said the evidence of that is the turning of the Current Account deficit into a surplus during the month of December 2011.
He added that to maintain the monthly average of remittances above $1 billion for the last 10 months a lot of effort has gone in at the State Bank and the Ministry of Finance.
---------- Post added at 03:13 PM ---------- Previous post was at 03:12 PM ----------
To Rana Asad Amin, spokesman of Ministry of Finance, this is bcoz of policies of the Gov? MY FOOT
