Home / Brokerage / Remittances grow by 18.33% to USD5.24 bn in 5MFY12 – Alfalah Securities Limited

Remittances grow by 18.33% to USD5.24 bn in 5MFY12 – Alfalah Securities Limited

Karachi: Overseas Pakistanis remitted USD 5.24 bn in the first 5MFY12, showing a growth of 18.33% last fiscal year.

According to Alfalah Securities Limited, the inflow of remittances during the period under review from Saudi Arabia grew to USD 1.364 bn and remittances from the UAE increased to USD 1.167 bn. Similarly, USD975 mn were sent from United States.

The monthly average remittance for the July-November period is USD 1.048 bn against USD 885.66 mn last fiscal year, registering an increase of 18.33%. Although the inflows of remittances in November slightly went down to USD 924 mn that was USD 926.89 million in the corresponding month last year, depicting a 0.21% decline.

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