Remittances rise by over 18% to $4.277 billion

[Naveed Yaseen]

KARACHI: Remittances sent home by overseas Pakistanis rose to $4.277 billion in the first seven months (July-January) of 2008-09, showing an increase of $653.91 million or 18.05 percent over the same period of the last fiscal year.

In January 2009, an amount of $637.30 million was sent home by overseas Pakistanis, up 14.40 percent or $80.23 million, when compared with $557.07 million received in the same month of last year.

The inflow of remittances in the July-January period of current fiscal year from USA, UAE, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1.029 billion, $868.93 million, $838.66 million, $690.30 million, $289.96 million and $131.74 million, respectively, as compared with $1.025 billion, $593.57 million, $663.67 million, $539.88 million, $262.88 million and $103.18 million, respectively, in the July-January period of 2008. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first seven months of the current fiscal year amounted to $428.30 million compared with $432.80 million in the same period last year. The monthly average remittances for the July-January period this year comes out to $611.04 million as compared with $517.63 million during the same period of last fiscal year. During January 2009 remittances from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $169.50 million, $124.54 million, $123.76 million, $93.76 million, $50.14 million and $20.33 million, respectively, as compared with $93.24 million, $151.50 million, $100.61 million, $82.67 million, $35.65 million and $14.19 million in January 2008. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during January 2009 amounted to $54.25 million. The amount of $4.277 billion included $0.39 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs). staff report

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