In fiscal year 2006, Bangladesh’s workers’ remittances at $4.8 billion were higher than Pakistan’s $4.6 billion. The trend continued in fiscal year 2007 as well. Whereas overseas Bangladeshis sent $6 billion back home, emigrant Pakistanis repatriated an estimated $5.5 billion. (In eleven months of FY07 Pakistan received $4.99 billion remittances).
Since 9/11, Pakistan’s home remittances have been on the rise and from FY02 to FY07, the country has received roughly $24.8 billion or more than $4.1 billion per year..As the impact of 9/11 on home remittances of Pakistan is more direct than in case of Bangladesh, the growth in BD’s remittances has more to do with its policies and efficient banking system.It indicates that Islamabad has not been doing enough to grab its due share of workers’ remittances in the international market.
Based on the end-2006 data, Pakistan was receiving an average of 1.5 per cent share in all countries’ home remittances of $276 billion and two per cent in $206 billion flowing towards developing countries. Table below lists the top 10 recipients. [Read more]
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