Remittances decline by over $225 million

Workers remittances have registered a decline of over $225 million during the last nine months.
According to latest figures issued by the State Bank, the remittances from July 2003 to March 2004 were $2.875 billion, a decline of $225 million as compared to the same period of the last year.
Remittances registered an increase of $40.18 million during March 2004 when $329.67 million was remitted into Pakistan as against $289.49 million in February 2004.
The nine-month remittances include $34.81 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 all major countries of the world increased last month. Remittances from US, the UAE, Saudi Arabia, the UK, and Kuwait amounted to $104.64 million, $56.14 million, $47.38 million, $28.18 million and $15.37 million in March 2004 respectively as compared to $103.51 million, $38.57 million, $33.72 million, $27.29 million and $13.38 million in February 2004.