Jul remittances surge by 38.57%- Alfalah Securities Limited

Jul remittances surge by 38.57%- Alfalah Securities Limited

Karachi: Remittances for the month of July 2011 have risen to USD 1096.31 mn depicting an impressive growth of 38.57% last year.

According to Alfalah Securities Limited, The inflow of remittances were mainly contributed by Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries to the tune of USD 291.8 mn, USD 257.6 mn, USD 198.9 mn, USD 118.5 mn, USD 116.5 mn and USD 32.59 mn respectively. The total remittances in FY11 stood at USD 11.2 bn having monthly average of USD 933 mn.

It is expected that the remittances from the USA, UK and EU countries to rise due to capital flight from the expatriate Pakistanis amid recessionary fears. However, rise in unemployment may have a negative effect on the remittances growth going forward.

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