Workers' remittances increased during the first four months of the current fiscal year, raising hopes for exceeding the target of $3.6 billion for the year. Pakistan received $1317.95 million as workers' remittances during July-October, 2004, against $1235.00 million received in the corresponding period of last fiscal year, registering an increase of $ 82.95 million, or 6.72 percent.
The amount of $1317.95 million includes $2.04 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs), said a SBP release issued on Saturday.
During last month, October 2004, workers remitted $ 334.80 million, against $ 328.52 million remitted in October 2003, depicting an increase of $6.28 million, or 1.91 percent. The monthly average of remittances for the period July-October 2004 comes to $329.49 million as compared to $308.75 million during the same period of the last fiscal year, depicting an increase of $ 20.74 million, or 6.72 percent.
The inflow of remittances into Pakistan during October, 2004, from USA, UAE, Saudi Arabia, UK, Kuwait, Oman, Qatar, Bahrain, Germany, Canada, Norway and Japan respectively amounted to $ 93.61 million, $ 52.88 million, $ 47.10 million, $ 41.09 million, $ 16.61 million, $ 8.85 million, $ 8.23 million, $ 7.68 million, $ 3.67 million, $ 3.26 million, $ 1.57 million and $0.55 million, besides $49.28 million received from other countries.
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