Home re­mit­tances up

The Pak Banker - - Front Page -

Ase­nior of­fi­cial of Na­tional Bank of Pak­istan (NBP) has said home re­mit­tances have grown at an av­er­age rate of around 20 per cent in the last few years with bank­ing sec­tor con­tribut­ing around 89 per cent of the in­flows.

Khalid Bin Sha­heen, a Se­nior Vice Ex­ec­u­tive Vice Pres­i­dent (SEVP) Group Chief Global Home Re­mit­tances Man­age­ment said that cur­rently home re­mit­tances were the sec­ond largest sources of re­cur­ring for­eign ex­change for the coun­try.

In FY 2012 ex­pat sent around $13.186 bil­lion as re­mit­tances through for­mal chan­nels. Home re­mit­tances have grown at an av­er­age rate of around 20 per cent in the last few years with bank­ing sec­tor con­tribut­ing around 89 per cent of the in­flows. Pak­istan is the sixth largest pop­u­la­tion in the world with around 60 per cent of its to­tal pop­u­la­tion of 187 mil­lion falls un­der the age of 25 years. This trans­lates into a large, young, en­er­getic and tal­ented pool of hu­man re­source. He also said that se­ri­ous ef­forts need to be made to in­cul­cate de­sired skills as per in­ter­na­tional re­quire­ments and ex­port hu­man re­source to tra­di­tional as well as new mar­kets. To­day we are reap­ing the ben­e­fits of Zul­fikar Ali Bhutto’s vi­sion and fore­sight whereby a pol­icy was for­mu­lated and im­ple­mented in 1970s through which a large num­ber of un­skilled la­bor­ers were sent to the Mid­dle Eastern coun­tries.

Pak­istan has be­come the fifth largest re­mit­tances re­cip­i­ent de­vel­op­ing coun­try in 2012, wit­ness­ing a strong growth of 25.8 per cent dur­ing the last year in 2011 com­pared to the 10.1 per cent growth in South Asia re­mit­tances. The up­ward trend in re­mit­tances, dur­ing the pe­riod un­der re­view, was de­rived from a per an­num av­er­age growth from UAE of 32.2 per cent fol­lowed by United King­dom 30.1 per cent, Saudi Ara­bia 27.3 per cent, Euro­pean Union coun­tries 25.3 per cent, other GCC coun­tries 15.1 per cent and United States of Amer­ica 9.5 per cent from 2007-08 to 2011- 12. Since the launch of the Pak­istan Re­mit­tances Ini­tia­tive (PRI), the share of work­ers re­mit­tances com­ing through the bank­ing chan­nel has in­creased con­sid­er­ably from 75 per cent in 2009-10 to 91 per cent in 2011-12.

World Bank has es­ti­mated that the flow of re­mit­tances to de­vel­op­ing coun­tries in 2011 in­creased by 0.8 per cent from $ 325 bil­lion 2010 and is expected to grow at seven to eight per cent an­nu­ally till 2014. World Bank’s new es­ti­mates place Pak­istan among top 10 re­cip­i­ents of re­mit­tances among de­vel­op­ing coun­tries, fetch­ing $12 bil­lion this year.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.