Pakistan Remittance News

[TechLahore]

10 billion is only oil bill , hard to pay.

It's being paid.

 

[Gin ka Pakistan]

It's being paid.

I mean to PSO ? Government still Owens a lot

 

[ameer219]

Remittances exceed $8bn mark first time in Pakistan’s history

KARACHI (updated on: June 10, 2010, 19:07 PST): Remittances sent home by overseas Pakistanis have surged by 14 percent to a record $ 8.06447 billion in the first eleven months (July-May) of the current fiscal year 2009-10.

According to SBP here Thursday, the remittances which continued to show a rising trend in the current fiscal year, have increased by $ 988.21 million in 11 months over the corresponding period last year.

This is the first time that remittances exceeded the mark of $ 8 billion in any fiscal year while the remittances for the month of June are yet to be accounted for.

The amount of $ 8.06447 billion includes $ 1.02 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

It may be pointed out that the State Bank, Ministry of Finance and Ministry of Overseas Pakistanis had undertaken a joint initiative called "Pakistan Remittance Initiative (PRI)" with a view to facilitating the flow of remittances through formal channels.

In this regards a number of steps have been taken by PRI which has started to materialize and remittances through formal channels are showing considerable growth.

It may also be mentioned Pakistan has been reported as a top nation which has shown the highest growth in the world in remittances despite recent global financial crisis.

In May 2010, an amount of $ 757.86 million was sent home by overseas Pakistanis, up 5.16 percent or $ 37.18 million, when compared with $ 720.68 million received in the same month last year.

The inflow of remittances in the July-May, 2010 period from UAE, Saudi Arabia, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $ 1.84218 billion, $ 1.71831 billion, $ 1.60636 billion, $ 1.13203 billion, $ 793.91 million and $ 229.74 million respectively as compared to $ 1.52389 billion, $ 1.40723 billion, $ 1.58148 billion, $ 1.09454 billion, $ 537.11 million and $ 224.71 million respectively in July-May, 2009.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first eleven months of the current fiscal year amounted to $740.88 million as against $706.84 million in the same period last year.

The monthly average remittances for the July-May 2010 period comes out to $733.14 million as compared to $643.30 million during the same corresponding period of the last fiscal year, registering an increase of 14 percent.

During last month i.e. May 2010, remittances from Saudi Arabia, UAE, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $192.41 million, $178.96 million, $144.56 million, $99.03 million, $59.32 million and $19.53 million respectively as compared to $143.16 million, $157.10 million, $145.83 million, $98.52 million, $69.13 million and $28.18 million in May 2009.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during May 2010 amounted to $64.02 million compared with $78.75 million in the same month last year.

Copyright APP (Associated Press of Pakistan), 2010/
Business Recorder [Pakistan's First Financial Daily]

 

[Gin ka Pakistan]

But the money is going in to buying houses, National Saving and family support. I wish this money goes in creating jobs by opening new business.

 

[TechLahore]

Buying houses, national savings and covering "family expenses" all lead to job creation.

 

[Gin ka Pakistan]

Buying houses, national savings and covering "family expenses" all lead to job creation.

Yes Indirectly they do.

 

[Nahraf]

Buying houses, national savings and covering "family expenses" all lead to job creation.

Housing is the biggest expense in Pakistan. If you do not own your home then you spend significant amount of your salary in rent. The new housing creates jobs in every level from workers carrying bricks to bank executives. In US and Canada, housing market is important indicator of economic activity. Besides Pakistanis have large and extended families living together and more housing is good for the society.

 

[AgNoStiC MuSliM]

Remittances swell to $4.43 billion in July-November​

RECORDER REPORT

KARACHI (December 12, 2010) : Remittances sent home by overseas Pakistanis continued to show rising trend, as an amount of $4.4283 billions were received in the first five months (July-November) of 2010-11, showing an increase of $595.72 millions or 15.54 percent, as compared to the remittances received in the same period of the last fiscal year.

In November 2010, an amount of $926.89 millions were sent home by overseas Pakistanis, up by 24.78 percent or $184.10 million, when compared with $742.79 millions received in the same month last year. This is the second highest amount remitted by overseas Pakistan in a single month. In August 2010, an historic amount of $933.06 millions were received as workers' remittances.

The inflow of remittances in the July-November, 2010 period from UAE, Saudi Arabia, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,045.32 millions, $935.76 millions, $841.32 millions, $530.30 millions, $496.09 millions and $147.57 millions, respectively, as compared to $854.24 millions, $708.35 millions, $797.18 millions, $544.88 millions, $408.49 millions and $123.90 millions, respectively received in the July-November, 2009 period.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first five months of the current fiscal year amounted to $431.93 millions against $394.61 millions received in the same period last year. The monthly average remittances for the July-November 2010 period comes out to be $885.66 millions as compared to $766.52 millions during the same period of last fiscal year, registering an increase of 15.54 percent.

During last month ie November 2010 remittances from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries were $225.75 millions, $175.05 millions, $171.45 millions, $113.39 millions, $102.85 millions and $30.50 millions, respectively, as compared to $175.01 millions, $144.12 millions, $134.75 millions, $109.65 millions, $92.67 millions and $21.68 millions, respectively received in November 2009. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during November 2010 amounted to $107.90 millions as compared to $64.85 millions in the same month last year.

It may be pointed out that State Bank, Ministry of Finance and Ministry of Overseas Pakistanis had undertaken a joint initiative called 'Pakistan Remittance Initiative (PRI)' with a view to facilitating the flow of remittances through formal channels. This initiative has started to materialise and remittances through formal channels are showing considerable growth. It is worth mentioning here that Pakistan has been a top nation, which has shown the highest growth in the world in remittances despite the recent global financial crisis.

Copyright Business Recorder, 2010

http://www.brecorder.com/news/top-stories/1133097:remittances-swell-to-$4-43-billion-in-july-november.html

 

[AZADPAKISTAN2009]

All the posts of remittance should also be followed up with the money going out to purchase oil for electric generators -


5 billion - x = actual income

 

[somebozo]

Are we becoming another Philippines?? I am highly disappointied that Government is not doing anything to encourage industry. Especially for post-retirement cash loaded people arriving from abroad with 20-30 years experience.

I know someone who wants to set up a machine tool factory and he is just being made to run between different departments like a ping pong. Wasting him time and money both!

 

[Rafael]

Are we becoming another Philippines?? I am highly disappointied that Government is not doing anything to encourage industry. Especially for post-retirement cash loaded people arriving from abroad with 20-30 years experience.

I know someone who wants to set up a machine tool factory and he is just being made to run between different departments like a ping pong. Wasting him time and money both!

Forget about setting up new industries, this govt. seems to be hell bent upon destroying the exitisting one especially in Punjab. Now Imagine the repurcussions of complete break down of Gas for textile industry four days a week!

 

[rubyjackass]

The inflow of remittances in the July-May, 2010 period from UAE, Saudi Arabia, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $ 1.84218 billion, $ 1.71831 billion, $ 1.60636 billion, $ 1.13203 billion, $ 793.91 million and $ 229.74 million respectively as compared to $ 1.52389 billion, $ 1.40723 billion, $ 1.58148 billion, $ 1.09454 billion, $ 537.11 million and $ 224.71 million respectively in July-May, 2009.

During last month i.e. May 2010, remittances from Saudi Arabia, UAE, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $192.41 million, $178.96 million, $144.56 million, $99.03 million, $59.32 million and $19.53 million respectively as compared to $143.16 million, $157.10 million, $145.83 million, $98.52 million, $69.13 million and $28.18 million in May 2009.

So remittances have decreased in May from Europe and USA. On a different note, why don't Pakistanis travel to China?

 

[Al Bhatti]

http://www.defence.pk/forums/curren...tanis-remittance-underground.html#post3281015