July-October remittances cross $3 billion

[LahoreEstate]

RECORDER REPORT
KARACHI (November 12 2009): Remittances by overseas Pakistanis continued to show rising trend as $3,089.77 million was received in the first four months (July-October) of the current fiscal year 2009-10, showing an increase of $743.78 million or 31.70 percent over the same period of last fiscal year.

This amount includes $0.87 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs). In October 2009, $758.29 million was sent home by overseas Pakistanis, up $292.16 million or 62.68 percent, when compared with $466.13 million received in the same month of last year.

The inflow of remittances in the July-October, 2009 period from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $679.23 million, $653.06 million, $573.60 million, $435.23 million, $315.82 million and $102.22 million respectively as compared to $388.09 million, $626.93 million, $494.80 million, $395.47 million, $149.77 million and $65.15 million respectively in the July?October, 2008 period.

Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries during the first four months of the current fiscal year amounted to $329.74 million as against $225.62 million in the same period of last year. The monthly average remittances for the July-October 2009 period amount to $772.45 million as compared to $586.50 million during the same corresponding period of last fiscal year, registering an increase of 31.71 percent.

During last month ie October 2009 remittances from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $175.22 million, $154.30 million, $142.85 million, $111.36 million, $80.74 million and $23.95 million respectively as compared to $75.91 million, $127.28 million, $96.78 million, $80.10 million, $31.20 million and $13.37 million in October 2008. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during October 2009 amounted to $69.72 million compared with $41.44 million in the same month of last year.

It may be pointed out that the State Bank, Ministry of Finance and Ministry of Overseas Pakistanis had undertaken a joint initiative called 'Pakistan Remittance Initiative (PRI)' recently with a view to facilitating the flow of remittances through formal channels. This initiative has started to materialise and remittances through formal channels are showing considerable growth.

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