$7.811 billion remittances received in fiscal year 2009

[LahoreEstate]

RECORDER REPORT
KARACHI (July 11 2009): The country received the highest amount of $7.811 billion as remittances in fiscal year 2008-09 (FY09) against $6.451 billion of FY08, showing an increase of $1.36 billion, or 21.08 percent. According to State Bank of Pakistan (SBP), the amount of $7.811 billion includes $0.48 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

The monthly average remittances in the period from July 2008 to June 2009 come out to $650.95 million as compared to $537.60 million in previous fiscal year, registering an increase of 21.08 percent.

The inflow of remittances in the July 2008 to June 2009 period from USA, UAE, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,735.87 million, $1,688.59 million, $1,559.56 million, $1,202.65 million, $605.69 million and $247.66 million respectively, as compared to $1,762.03 million, $1,090.30 million, $1,251.32 million, $983.39 million, $458.87 million and $176.64 million respectively, in the July 2007 to June 2008 period.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during FY09 amounted to $771.03 million as against $726.29 million in FY08. During the last month (June 2009), Pakistani workers remitted an amount of $735.17 million, up $187.76 million or 34.30 percent when compared with an amount of $547.41 million sent home in June 2008.

The amount remitted in June 2009 is the second-highest received in a single month after $739.43 million sent home in March 2009. The inflow of remittances into Pakistan from most of the countries of the world increased last month as compared to June, 2008.

According to the break up, remittances from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $164.70 million, $154.39 million, $152.33 million, $108.11 million, $68.48 million and $22.95 million respectively, as compared to corresponding receipts from the respective countries during June, 2008 ie $88.29 million, $143.57 million, $123.67 million, $90.98 million, $38.08 million and $13.98 million. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during June, 2009 amounted to $64.19 million compared to $48.80 million during June, 2008.

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