ISLAMABAD - Secretary Finance Dr Waqar Masood Khan Monday said that foreign remittances had increased due to the governments plan Pakistan Remittances Initiative that provided an opportunity to the Pakistanis living abroad to send their money through regular channel.
Talking to The Nation, Dr Waqar said that the government had worked for regularizing the remittances sent home by overseas Pakistani workers.
The government has singed 200 contracts with different banks and other currency exchange institutes/department to regularize the money send by Pakistani living in other countries, informed Dr Khan.
He further said that government did not devise or change the policy in last three years, which could provide opportunity to regularize the corruption money in the country.
It might be mentioned here that countrys remittances had shown healthy growth from last fiscal year.
Remittances sent home by overseas Pakistani workers hit all-time high of over $11 billion during the fiscal year 2010-2011.
A record $11.
2 billion was received during last fiscal year, showing an impressive growth of 25.
77 percent, or $2.
295 billion, from $8.
9 billion received during the preceding fiscal year, the SBP figures revealed.
On the other hand, remittances sent home by overseas Pakistan have increased 24.
6 per cent to $3.
29 billion in the first quarter (July-September) of the ongoing financial year 2011-2012 as against $2.
64 billion received in the corresponding quarter last year.