Expatriates’ remittances break all record

Remittances from the expatriate Pakistanis during the fiscal year ending June 30, 2011 have surpassed the record level of $11 billion and the Pakistanis living abroad far away from the motherland are playing key role in helping Pakistan overcome its financial crunch.

Central Bank spokesman Wasimuddin said that the expatriate Pakistanis remitted 25 percent more amount in 2010-11 as compared to the previous year, which reaching the peak valued at $11.20 billion. In the month of June alone, the volume of remittances mounted to the record level of $1.10 billion.

Analysts attributed this to government reforms in the system of foreign remittances and the expatriate Pakistanis growing confidence in the banking system.

The growing foreign remittances has not only brought stability to the value of rupee, but also played key role in narrowing down the gap between the foreign payments and receipts.