July 2008-February 2009: over 19 percent increase in remittances

[LahoreEstate]

KARACHI (March 13 2009): Remittances sent home by overseas Pakistanis continued to show a rising trend and witnessed an increase of 19.21 percent during the first eight months of current fiscal year (2008-09). The country has received an amount of 4.91863 billion dollars on account of remittances in the first eight months (July-February) of the current fiscal year 2008-09 as compared to some 4.12616 billion dollars in same period of last fiscal year, showing an increase of 792.47 million dollars.

The amount of 4.918 billion dollars includes 0.41 million dollar received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs). In February 2009, an amount of 641.32 million dollars was sent home by overseas Pakistanis, up 27.56 percent or 138.56 million dollars, as compared to 502.76 million dollars received in the same month last year.

The inflow of remittances during July-February period from USA, UAE, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to 1,156.51 million dollars, 1,035.55 million dollars, 962.30 million dollars, 783.39 million dollars, 344.08 million dollars and 150.05 million dollars respectively as compared to 1,160.39 million dollars, 681.88 million dollars, 761.84 million dollars, 618.83 million dollars, 292.87 million dollars and 116.12 million dollars respectively in the July-February, 2008 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first eight months of the current fiscal year 2008-09 amounted to 486.34 million dollars as against 492.22 million dollars in the same period last year.

The monthly average remittances for the period July-February 2008-09 comes out to 614.83 million dollars as compared to 515.77 million dollars during the corresponding period of the last fiscal year, registering an increase of 19.21 percent.

During last month ie February 2009, remittances from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to 166.62 million dollars, 127.48 million dollars, 123.64 million dollars, 93.09 million dollars, 54.12 million dollars and 18.31 million dollars respectively as compared to 88.31 million dollars, 134.68 million dollars, 98.17 million dollars, 78.95 million dollars, 29.99 million dollars and 12.94 million dollars in February 2008. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during February 2009 amounted to 58.04 million dollars.

http://www.brecorder.com/index.php?id=57...=&supDate=