KARACHI – Overseas Pakistanis have sent home 4.728 billion dollars in the shape of remittances in nine months of the current financial year which show an increase of 20.11 per cent.
In foreign exchange the inflow of remittances marked an increase of 791.60 million dollars from July-March FY08 as compared to the inflow of remittances received during the same period of FY07. State Bank of Pakistan reported on Wednesday that the amount of remittances also included 2.15m dollars received through encashment and profit earned on Foreign Exchange
Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
The monthly average of remittances for the period July-March, 2007-08 comes out to $525.37m as compared to $437.42m during the same corresponding period of the last fiscal year, registering an increase of 20.11pc.
The inflow of remittances in the July-March, 2007-08 period from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,312.34 million, $881.95 million, $793.62 million, $704.27 million, $334.85 million and $131.13 million, respectively as compared to $1,034.69 million, $733.48 million, $595.98 million, $538.29 million, $319.25 million and $110.38 million, respectively in the July-March, 2006-07 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first nine months of the current fiscal year amounted to $568.06 million as against $602.80 million in the same period last year.
Meanwhile in the month of March 2008 the Pakistani workers abroad remitted a record amount of $602.21 million as against $520.24 million in the same month last year (March, 2007), showing a jump of $81.97 million or 15.76%.
The previous highest amount remitted in a single month by Pakistani workers was recorded in October, 2007, when an amount of $580.24 million was received in the country.
The inflow of remittances into Pakistan from almost all countries of the world increased last month as compared to March, 2007. According to the break up, remittances from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $151.95 million, $120.11 million, $111.74 million, $85.44 million, $41.98 million and $15.01 million, respectively as compared to the corresponding receipts from the respective countries during March 2007, i.e. $142.72 million, $92.69 million, $82.29 million, $70.43 million, $37.75 million and $12.88 million. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during March, 2008 amounted to $75.84 million as compared to $81.13 million during March, 2007.
Courtesy: The Nation, 17/4/2008