Foreign remittances to Pakistan have grown by a record amount in the last year, according to figures released by the country’s central bank.
The State Bank of Pakistan has said that remittances were up 25.77 percent during fiscal year 2010-11, crossing the USD11 billion mark for the first time in the country’s history.
Total remittances amounted to just over USD11,200 million compared to the USD8,905 million received in the 2009-10 fiscal year. Remittances for June 2011 – which totalled over USD1,104 million – was the highest-ever amount remitted in a single month, up 31.27 percent on the preceding year.
The highest remittances inflow for July-June 2011 was recorded from Saudi Arabia at more than USD2,670 million, closely followed by UAE at USD2,597.74 million.