Remittances surge in July-Sept, says WB

New figures published by the State Bank of Pakistan confirmed that remittances during July-September witnessed a surge. — File Photo

ISLAMABAD, Nov 9: Pakistani migrants abroad responded positively to the calls for help from their families and friends back home as flow of remittances recorded a surge following devastating monsoon floods, according to World Bank`s latest "Migration and Remittances Factbook 2011."

This surge during the first three months (July-September) of the current fiscal year was a contrast against the steadily falling remittances for India and Bangladesh, says the report.

July-March remittances rise by 15.78 per cent

 KARACHI: Overseas remittances registered an increase of $892.82 million to reach $6.55 billion during the first nine months of 2009/2010, as compared to $5.65 billion during the corresponding period last year.

The total remittances include $1.01 million received through encashment and profit earned on Foreign Exchange Bearer Certificates and Foreign Currency Bearer Certificates, according to the data released by the State Bank of Pakistan (SBP) on Saturday.

Remittances grow by 29pc in July-Nov

KARACHI: Despite 29 per cent growth recorded in remittances sent by overseas Pakistanis during the first five months (July-Nov) of the current fiscal year against the same period last year, the inflows declined comparatively in the month of November this year.

In October, the State Bank reported a 62 per cent increase in remittances against the same month of the previous year.

During the five months (July-Nov), remittances touched the figure of $3.832 billion, showing an increase of $866 million or 29.2 per cent over the same period last year.