Overseas Pakistan break recrods send Almost 13 Billion dollars back home

[AZADPAKISTAN2009]

Karachi—Overseas Pakistan created a history by remitting over $13 billion for the first time during financial year 2013.

Overseas Pakistanis make history as remittances cross $13b mark

Remittances sent home by overseas Pakistani workers crossed the $13 billion mark for the first time in country’s history during the last fiscal year (2011-12). They remitted a record amount of $13,186.58 million during the last fiscal year that ended on June 30, 2012, showing an impressive growth of 17.73 percent when compared with $ 11,200.97 million received during the preceding fiscal year (2010-11).

Except for the months of September ($890.42 million) and November ($924.92 million), Pakistani workers remitted more than $1 billion during ten months of the fiscal year. Remittances received from all countries of the world showed substantial growth during the last fiscal year and almost all of this growth was through banking channels.

The inflow of remittances in July-June, 2012 period from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $3,687.00, $2,848.86 million, $2,334.47 million, $1,521.10 million, $1,495.00 million and $364.79 million respectively as compared with $2,670.07 million, $2,597.74 million, $2,068.67 million, $1,199.67 million, $1,306.18 million and $354.76 million respectively in the July-June, 2011 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the last fiscal year (2011-12) amounted to $935.36 million as against $1,003.81 million received in the preceding fiscal year (2010-11).

The monthly average remittances for July-June 2012 period comes out to $1,098.88 million as compared with $933.41 million during the preceding fiscal year, registering an increase of 17.73 percent.

Overseas Pakistanis also sent home an amount of $1,117.48 million in June 2012 when compared with $1,104.56 million received in the same month of 2010-11. During last month i.e. June 2012, remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $333.68 million, $219.14 million, $206.60 million, $128.12 million, $126.72 million and $29.24 million respectively as compared with $291.55 million, $270.04 million, $204.64 million, $121.35 million, $106.20 million and $33.83 million in June 2011. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries amounted to $73.98 million during June 2012 compared with $76.95 million received in the same month of 2010-11.

The continued impressive growth in workers’ remittances is the result of the efforts made by Pakistan Remittance Initiative (PRI) in collaboration with other stakeholders to facilitate both Overseas Pakistanis and their families back home. Since its inception, PRI has taken a number of steps to enhance the flow of remittances through formal channels which include: (a) preparation of national strategies on remittances (b) taking all necessary steps to implement the overall strategy (c) playing the advisory role for financial sector in terms of preparing a business case, relationship building with overseas correspondents, creating separate efficient remittance payment highways and (d) becoming a national focal point for overseas Pakistanis through round the clock call centre (021-111-222-774) with toll free lines, separate web site etc.

 

[American Pakistani]

It is good that it is going up but it is very little it should be somewhere in between 30-36 billion $. Hope it will reach atleast 18-20 billion $ next year.

 

[A1Kaid]

I actually read a report stating the estimate is approximately $20 billion in remittance.

http://www.thenews.com.pk/Todays-News-3-118953-Remittances-potential-estimated-at-$20bn-PIDE

 

[iPhone]

Next month should be even higher due to Ramazan and Eid occasion and also that zakat is due. Better jobs and higher pay for Pakistanis who have been abroad long time is another factor in higher remittance.

 

[ChineseTiger1986]

This is pretty much common for all Asian people, work hard and send money back home.

 

[xyxmt]

13 billion + Yar Pakistan ja rahey ho to yeh 2000 mere parents ko de dena = 20 billion easily

 

[Solomon2]

I'm cynical; after all, expats can't easily monitor money sent back home, so I wonder how much of that cash will one day vanish through embezzlement into the greedy maws of Pakistan's nuclear weapons program or radical madrassas. Or maybe the ISI will use the money to buy another election.

 

[solkahn]

soloman ambiguity i should presume is involved in your rhetoric 13 billion dollar are gona be used to pay back your loans which our corrupt dual national US/PAK citizen parliamentarians mostly procured to the extent (LOANS of IMF/WORLD BANK)that it was greater than 50 years of borrowing hopefully Imran khan would scramble in time with Nawaz sharif to save the day if YANKEES were so generous they could have given us market access ,for trade in return we would have stopped producing nuclear fissile material if India would have persuaded to held free and fair plebiscite in JAMMU & KASHMIR and nuclear weapons testing in 98 and whole menace of STATE TERRORISM could have been ended but instead its US republicans or democrats all are = in deciding our fate by aligning them selves with INDIA.
As far as the madrassas are concerned they are for the religious teaching of Islam along with subjects related to modern science and mathematics , as they were inclined towards radical Islam but that is what CIA wanted when they faught SOVIET UNION in the 80s at that the madrassas were production factories of holy warriors and war heroes till 9/11 changed every thing just a stark reminder that you guys (YANKEES ) were the ones who started this COLD WAR . we were just now part of the chess game ,its pity for you guys we got to that point very late !!!!!!!
but they say "Nations are built from ruins and Ashes"
We shared our part of it but things are gonna change after regime change.
And about ISI yes they would have been involved but at that time for national security to bribe the elected government but who cares in principle those decisions were done for our beloved country Pakistan
I got it you guys are so much pissed of this Agency ISI may be its worth doing it job well to protect all of us
PAKISTAN ARMED FORCES ISI zindabad Pakistan hamesha PAINDA BAAD

 

[kas786]

Lol, I'm sure 12 out of 13 billion dollars is just Zardari transferring his pocket money, back and forth.

 

[Markus]

Lol, I'm sure 12 out of 13 billion dollars is just Zardari transferring his pocket money, back and forth.

I understand Zardari is not an elected leader, instead he became President after Benazir was killed.

If he so corrupt and dislike by the populace, why dosent your country protest against him just like how it happened in Tunisia, Egypt, Libya and now in Syria.

People power can overthrow him.

Just venting out frustration on online forums will surely not help.

 

[W.11]

13 billions, sometimes i wonder if the remittences are saving pakistan from becoming a defaulted country

if we just become sincere to pakistan, we can reach heights, alals alas

 

[Solomon2]

soloman ambiguity -

Unintelligible.

13 billion dollar are gona be used to pay back your loans which our corrupt dual national US/PAK citizen parliamentarians

Anatol Lieven writes that without exception everyone in a position of power in Pakistan abuses their authority.

if YANKEES were so generous they could have given us market access ,for trade in return we would have stopped producing nuclear fissile material

I'm reading Deception, that offer by Pakistan was never made.

if India would have persuaded to held free and fair plebiscite in JAMMU & KASHMIR and nuclear weapons testing in 98 and whole menace of STATE TERRORISM could have been ended

Z.A.B. wrote in Myth of Independence that he wanted an peaceful BUT equal relationship with India - meaning that Pakistan laid claim to all Muslim-majority regions and had the goal of conquering at least a third more of the subcontinent in addition to Kashmir. Gaining the edge to meet the hated Hindus as equals was what drove the nuclear program, not Kashmir. State terrorism in Kashmir has been Pakistan's specially preferred method of combat there since the early days of independence.

but instead its US republicans or democrats all are = in deciding our fate by aligning them selves with INDIA.

The Democrats have been pro-India and EVERYONE feels really, really, pissed off by Pakistani deeds and attitudes.

As far as the madrassas are concerned they are for the religious teaching of Islam along with subjects related to modern science and mathematics , as they were inclined towards radical Islam but that is what CIA wanted -

Zia and the ISI liked these. I'm not sure if money was diverted from mujaheddin aid to the madrassas but your parents may tell you how Zia reduced state school funding and then garnished their savings accounts to fund the madrassas.

9/11 changed every thing just a stark reminder that you guys (YANKEES ) were the ones who started this COLD WAR . we were just now part of the chess game

Not so, Pakistan was a very active and enthusiastic participant and decision-maker.

they say "Nations are built from ruins and Ashes"
We shared our part of it but things are gonna change after regime change.

Some say power corrupts people. But if you look more carefully you'll understand that it's people that corrupt power. Without concentrating upon enforcing moral reform of your leaders there will always be corruption.

And about ISI yes they would have been involved but at that time for national security to bribe the elected government but who cares in principle those decisions were done for our beloved country Pakistan

Don't you care that people who may have had the most to benefit by bribery are also the ones making decisions about what is good for Pakistan by accepting or distributing such bribes? And in any case, that usage is still a betrayal of the depositors' trust.

ISI may be its worth doing it job well to protect all of us

There is no civilian oversight so how would you know?

 

[graphican]

It is good that it is going up but it is very little it should be somewhere in between 30-36 billion $. Hope it will reach atleast 18-20 billion $ next year.

When Zardari and Haramdari are sitting on the chairs, who wants to send money home. Right now no one is sending money home for the sake of Investment or business. Economic condition is pretty flimsy and worrisome. If condition improves, Pakistanis would look to invest back at home and then you can surely expect 30Billions or more.

But even overseas Pakistanis have a limit.. Pakistan must be able to generate income internally.