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Aug remittances at record $933mn
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ISLAMABAD: A historic amount of $933.06 million was remitted by overseas Pakistani workers in August 2010 beating the previous of record of $841.44 million received in June, 2010.
According to the data, during the first two months (July-August) of the current fiscal year remittances worth $1.724 billion were sent home by Pakistani workers, showing an increase of $198.86 million or 13 per cent compared with $1.525 billion in the same period last year.
The monthly average remittances for the July-August 2010 period come out at $862.12 million as compared to $762.69 million during the same period last fiscal year, registering an increase of 13 per cent.
During the last month i.e. August 2010 remittances from UAE, Saudi Arabia, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $212.55 million, $205.56 million, $186.82 million, $108.55 million, $108.29 million and $29.14 million respectively. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during August 2010 amounted to $82.14 million compared with $95.89 million in the same month last year.
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. -NNI
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