AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, October 11, 2012 (PPI-OT): Remittances by overseas Pakistani workers were recorded to increase by 9.16% to USD 3.599 billion in 1QFY13 as compared to USD 3.297 billion during the same period last year.
According to Alfalah Securities Limited, the monthly average remittances during July-September quarter are USD 1,199.70 million as compared to USD 1,099.07 million during the corresponding period last year. In September, USD 1,135.42 million was remitted by overseas Pakistanis as against USD 890.42 million in the same month last year, rising by 27.52 %. The higher remittances bode well for the economy by providing a cushion to the balance of payment situation and the foreign exchange reserves.