Remittances to pakistan keep surging

According to the State Bank of Pakistan data released on Monday, the inflow of remittances is continuously improving showing $1.205 billion in July-2012 compared with $1.096 billion received in the same month of last fiscal year.

This continuous rise in remittances has supported the rupee and stopped its further depreciation against the dollar. The major inflow of remittances was seen from the following countries,
Saudi Arabia = $349.66 million
UAE = $240.54 million
USA = $215.30 million
UK = $148.49 million
Gulf Cooperation Council (GCC) countries (including Bahrain, Kuwait, Qatar and Oman) = $140.36 million
European Union countries = $30.83 million
Norway, Switzerland, Australia, Canada, Japan and other = $79.53 million

SBP has attributed the continuous growth in worker remittances to the efforts made by the Pakistan Remittance Initiative, launched in April 2009, in collaboration with other stakeholders (i.e. Ministry of Overseas Pakistanis and Ministry of Finance) to facilitate both overseas Pakistanis and their families back home.