Overseas remittances rise 18% to $5.904 billion in 11 months

[Naveed Yaseen]

KARACHI: Remittances sent home by overseas Pakistanis continued to show a rising trend in the first 11 months (July 2007-May 2008) of the current fiscal year as $5.903 billion was received, showing an increase of $915.73 million or 18.36 percent over the same period of the last fiscal year.

The monthly average remittances for the period (July-May 2007-08) comes out to $536.71 million as compared to $453.46 million during the corresponding period of the last fiscal year.

The inflow of remittances from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1.618 billion, $1.127 billion, $1.002 billion, $892.41 million, $420.79 million and $162.66 million, respectively as compared to $1.319 billion, $927.09 million, $771.10 million, $689.17 million, $392.59 million and $136.53 million, respectively in July-May 2006-07 period.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first 11 months of the current fiscal year amounted to $677.49 million as against $749.58 million in the same period last year.

During May 2008 Pakistani workers remitted an amount of $584.75 million, up $46.77 million or 8.69 percent when compared with $537.98 million sent home in May 2007.

The inflow of remittances into Pakistan from most of the countries of the world increased last month as compared to May 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 $154.73 million, $125.94 million, $97.23 million, $94.49 million, $41.76 million and $15.01 million, respectively as compared to $143.35 million, $99.49 million, $79.29 million, $97.59 million, $37.99 million and $13.45 million received respectively from these countries in the same month of last year.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during May 2008 amounted to $55.43 million as compared to $66.49 million during May 2007. The amount of $5,903.83 million includes $2.36 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

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