Remittances soar by 28pc in September

[Naveed Yaseen]

KARACHI, Oct 14: Overseas Pakistani workers sent 28 percent higher remittances during September, showing their trust in the government which needs dollars to meet its foreign obligations.

While the economic mangers are trying to get loans to meet the rising trade deficit, overseas Pakistanis sent $1.879 billion during the first quarter (July-September 2008) which is 25.22 per cent higher than the first quarter of last year.

During last month, Pakistanis remitted a record amount of $660.35 million, up $144.3 million or 27.96pc when compared with an amount of $516.05 million sent home in September, 2007.

The previous highest amount remitted in a single month by Pakistani workers was recorded in July, 2008, when an amount of $627.21 million was received in the country.

The rising trend of remittances showed that the overseas Pakistanis ignored rumours that the government was planning to seize foreign currency accounts to use dollars lying in commercial banks. Both the Central Bank and the government denied such a move.The monthly average remittances for July-September, 2008, come to $626.62 million as compared to $500.42 million during the same period in the last fiscal year, registering an increase of 25.22 per cent.

The amount of $1,879.86 million includes $0.11 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

The inflow of remittances into Pakistan from almost all countries of the world increased last month as compared to September, 2007.

http://www.dawn.com/2008/10/15/ebr1.htm