Overseas workers remit record $6.4bn

[Naveed Yaseen]

KARACHI: Pakistan received highest-ever workers’ remittances amounting to over $6.451 billion in the recently concluded 2007-08 fiscal year. It surpassed the previous record of $5.49 billion received in the preceding fiscal year 2006-07.

In FY08 workers’ remittances showed an increase of 17.43 per cent, or $957.59 million, when compared with the FY07.

The amount of $6.45 billion includes $2.40 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 2007 to June 2008 recorded $537.60 million as compared to $457.80 million during the same period of the last fiscal year, registering an increase of 17.43 per cent.

The inflow of remittances in the July 2007 to June 2008 period from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,762.03 million, $1,251.32 million, $1,090.30 million, $983.39 million, $458.87 million and $176.64 million respectively, as compared to $1,459.64 million, $1,023.56 million, $866.49 million, $757.33 million, $430.04 million and $149 million, respectively in the July 2006 to June 2007 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during FY08 amounted to $726.29 million as against $804.91 million in FY07.

During June 2008, Pakistani workers remitted an amount of $547.41 million, up $41.86 million or 8.28 per cent when compared with an amount of $505.55 million sent home in June 2007.

The inflow of remittances into Pakistan from most countries of the world increased last month as compared to June 2007. According to the break up, remittances from USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UAE, UK and EU countries amounted to $143.57 million, $123.67 million, $90.98 million, $88.29 million, $38.08 million and $13.98 million respectively, as compared to corresponding receipts from the respective countries during June 2007 i.e. $140.17 million, $96.47 million, $68.16 million, $95.39 million, $37.45 million and $12.47 million.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during June 2008 amounted to $48.80 million as compared to $55.33 million during June 2007.

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