Remittances rise 15pc to $11.75bn

[Shoaib Rathore]

The State Bank reported that the healthy increase in remittances came “despite all odds including terrorism, low economic growth and lesser attractions for the overseas Pakistanis”.


KARACHI: Remittances from overseas Pakistanis continued to rise this fiscal year, growing by around 15 per cent year-on-year to $11.75 billion during July-Feb.

The growth during the same period of 2013-14 over the previous year was 11pc.

The State Bank reported that the healthy increase in remittances came “despite all odds including terrorism, low economic growth and lesser attractions for the overseas Pakistanis”.

However, the government — which is the real beneficiary of huge, free-of-cost remittances — has failed to devise any strategy to further increase remittances by creating attractions at home.

Saudi Arabia continued to be the largest remitter for Pakistan as its share in the total remittances surpassed 30pc during the eight months compared to 29pc a year earlier. Remittances from the country rose by 20pc (compared to 12.8pc growth in FY14) to $3.556bn during the eight-month period, which is highly encouraging for the Pakistani government against the backdrop of rising current account and trade deficits.

However, the highest growth was witnessed from the United Arab Emirates as remittances from the region rose by over 30pc to $2.537bn from $2.027bn in the same period of last year.

Other important destinations were the United States and the United Kingdom, though growth from these countries was nominal. Remittances from the US increased by 2.7pc to $1.671bn during July-Feb. The growth was 11.3pc last year. Inflows from the UK grew by 2.7pc to $1.506bn compared to last year’s growth of 14pc.

While remittances are now the backbone of Pakistan’s economy and the current rate of growth is satisfactory, the rising current account deficit — which widened to $2.3bn during the first seven months of this fiscal year — could be troubling for the government.


Remittances rise 15pc to $11.75bn - Newspaper - DAWN.COM

 

[xyxmt]

The State Bank reported that the healthy increase in remittances came “despite all odds including terrorism, low economic growth and lesser attractions for the overseas Pakistanis”.


KARACHI: Remittances from overseas Pakistanis continued to rise this fiscal year, growing by around 15 per cent year-on-year to $11.75 billion during July-Feb.

The growth during the same period of 2013-14 over the previous year was 11pc.

The State Bank reported that the healthy increase in remittances came “despite all odds including terrorism, low economic growth and lesser attractions for the overseas Pakistanis”.

However, the government — which is the real beneficiary of huge, free-of-cost remittances — has failed to devise any strategy to further increase remittances by creating attractions at home.

Saudi Arabia continued to be the largest remitter for Pakistan as its share in the total remittances surpassed 30pc during the eight months compared to 29pc a year earlier. Remittances from the country rose by 20pc (compared to 12.8pc growth in FY14) to $3.556bn during the eight-month period, which is highly encouraging for the Pakistani government against the backdrop of rising current account and trade deficits.

However, the highest growth was witnessed from the United Arab Emirates as remittances from the region rose by over 30pc to $2.537bn from $2.027bn in the same period of last year.

Other important destinations were the United States and the United Kingdom, though growth from these countries was nominal. Remittances from the US increased by 2.7pc to $1.671bn during July-Feb. The growth was 11.3pc last year. Inflows from the UK grew by 2.7pc to $1.506bn compared to last year’s growth of 14pc.

While remittances are now the backbone of Pakistan’s economy and the current rate of growth is satisfactory, the rising current account deficit — which widened to $2.3bn during the first seven months of this fiscal year — could be troubling for the government.


Remittances rise 15pc to $11.75bn - Newspaper - DAWN.COM

are these people stupid or what, who is taking credit for strong remittance inflows this time. In PPPs time Gelani took credits in his house speech thats its because of govt policies that remittance has grown to this level. As people loose their hopes in Pakistan they are leaving the country and send money to their families. I who had never sent money before because never needed it now is sending to people because of cost of living has gone so high. Is this the policy of govt to make people life miserable so expat cant send more money.

 

[Kabira]

are these people stupid or what, who is taking credit for strong remittance inflows this time. In PPPs time Gelani took credits in his house speech thats its because of govt policies that remittance has grown to this level. As people loose their hopes in Pakistan they are leaving the country and send money to their families. I who had never sent money before because never needed it now is sending to people because of cost of living has gone so high. Is this the policy of govt to make people life miserable so expat cant send more money.

I always wonder why the f would anyone in gov take credit for remittances. Unless they have done something to stop illegal hundi system which may explain increase.

 

[xyxmt]

I always wonder why the f would anyone in gov take credit for remittances. Unless they have done something to stop illegal hundi system which may explain increase.

they are so inept that they cant control corruption money leaving the country, they don't take credit for that. None of their policies effect the amount of inflow as illegal money transfer is controlled by the countries where expat are sending money from. just a bunch of pathetic liers we have at every level.