Remittances from overseas Pakistanis rise 23pc in July-August 2008


KARACHI: Remittances sent home by overseas Pakistanis continued to rise as $1,219.51 million was received in the first two months (July-August) of the current fiscal year 2008-09, showing an increase of $234.31 million or 23.78 per cent over the same period of the last fiscal year.
According to the State Bank of Pakistan (SBP), the amount of $1,219.51 million includes $0.06 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

The monthly average remittances for the period of July-August, 2008 comes out to $609.76 million as compared to $492.60 million during the same corresponding period of the last fiscal year, registering an increase of 23.78 per cent.

The inflow of remittances in the July-August, 2008 period from USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UAE, UK and EU countries amounted to $319.84 million, $264.64 million, $206.70 million, $201.45 million, $74.82 million and $32.70 million, respectively as compared to $265.33 million, $202.40 million, $142.88 million, $156.88 million, $82.81 million and $28.88 million, respectively in the July-August, 2007 period.

“Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first two months of the current fiscal year 2008-09 amounted to $119.30 million as against $105.60 million in the same period last year,” SBP said.

During the previous month (August 2008), Pakistani workers remitted an amount of $592.30 million, up $102.79 million or 21 per cent when compared with an amount of $489.51 million brought into the country in August 2007.

The inflow of remittances into Pakistan from almost all countries of the world increased last month as compared to August, 2007. According to the break up, remittances from USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UAE, UK and EU countries amounted to $151.45 million, $131.38 million, $101.39 million, $101.35 million, $32.78 million and $15.63 million, respectively as compared to the corresponding receipts from the respective countries during August 2007, ie $137.34 million, $95.85 million, $72.58 million, $79.53 million, $43.31 million and $14.07 million.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during August, 2008 amounted to $58.31 million as compared to $46.70 million during August, 2007.

Source: The News, 14/9/2008

Leave a Reply