Pakistan: country’s remittances rise 21.35% to $985.20m

KARACHI: Remittances sent home by overseas Pakistanis continued to rise as an amount of $985.20 million was received in the first two months (July-August) of the current fiscal year 2007-08, showing an increase of $173.35 million or 21.35 percent over the same period of last fiscal year.

The monthly average remittances for the period July-August, 2007 was $492.60 million as compared with $405.93 million during the corresponding period of last fiscal year, registering an increase of 21.35 percent.

The inflow of remittances during July-August period from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $265.33 million, $202.40 million, $156.88 million, $142.88 million, $82.81 million and $28.88 million, respectively as compared to $203.59 million, $165.34 million, $124.97 million, $115.42 million, $69.38 million and $24.60 million, in the July-August period of last fiscal year.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first two months of the current fiscal year 2007-08 amounted to $105.60 million as against $107.75 million in the same period last year.

During August 2007 Pakistani workers remitted $489.51 million, up $54.67 million or 12.57 percent when compared with $434.84 million sent home in August 2006.

The inflow of remittances into Pakistan from most of the countries of the world increased last month as compared to August 2006. According to the break up, remittances from US, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $137.34 million, $95.85 million, $79.53 million, $72.58 million, $43.31 million and $14.07 million, respectively as compared to $112.86 million, $84.42 million, $65.35 million, $57.94 million, $37.68 million and $14.07 million received from these countries during August 2006.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during August 2007 amounted to $46.70 million as compared to $62.40 million during August 2006.

The $985.20 million received during the first two months from all over the world includes $0.42 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).