Overseas Pakistanis register over $5.98 billion remittances

Islamabad: Pakistanis abroad remitted an amount of 5,982.04 million in the first five months, July to November, of the current fiscal year, showing a growth of 14.16 percent.

The amount increased $742.06 when compared with $5,239.99 received during the aforementioned period of the last fiscal year. The monthly average remittances come out to $1,196.41 million as compared to $1,048.00 during the corresponding period of last year.

It may be noted that in order to provide an ownership structure in Pakistan for remittance facilitation, State bank of Pakistan, Ministry of Overseas Pakistanis and the Ministry of Finance had launched ‘Pakistan Remittance Initiative’ in April 2009. The objectives of the initiative were to facilitate and support faster, cheaper, convenient and efficient flow of remittances.