Friday, 6 November 2009

PAKISTAN: Remittances to Pakistan from Kingdom soaring

06 November 2009
JEDDAH: Overseas workers' remittances to Pakistan in September this year jumped to $806.12 million, a 22 percent increase over the same month in 2008. This took the third quarter (July-September 2009) figures to $2.33 billion, due to the launch of Pakistan Remittance Initiative (PRI), said a top executive of National Bank of Pakistan (NBP).

Remittances from Saudi Arabia also made an impressive record. Pakistani nationals living in the Kingdom sent $430.75 million in the third quarter, an increase of $32.73 million or 8.22 percent over the same period in 2008.

"This is the direct result of the launch of PRI and other measures taken by the government of Pakistan," senior executive vice president of NBP Khalid bin Shaheen, told Arab News on Wednesday.

PRI is a joint initiative of the Ministry of Finance, Ministry for Overseas Pakistanis and State Bank of Pakistan, which is the country's central bank. Launched in August this year, it aims to double the flow of remittances within three years. "We are aiming to take remittances up to $13-14 billion by 2011," said Shaheen, who is currently touring Saudi Arabia as a representative of PRI, of which his bank is a member. His itinerary includes meeting top executives of Saudi banks. He arrived after visiting Kuwait, the United Arab Emirates and Bahrain. Read more

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