Pakistan has received highest-ever workers' remittances, amounting to over 5.493 billion dollars during the 2007 fiscal year, breaking its previous record of 4.6 billion dollars during the 2006 fiscal year. According to State Bank of Pakistan (SBP), never before in the history of Pakistan such an amount has been received in the account of workers.
Official statistics show that the country has received 5.49365 billion dollars during 2006-07 fiscal year as against 4.60012 billion dollars in the 2005-06 fiscal year, depicting an increase of 19.42 percent or 893.53 million dollars.
Overall remittances includes 2.68 million dollars received through encashment and profit earned on foreign exchange bearer certificates (FEBCs) and foreign currency bearer certificates (FCBCs).
According to the statistics, monthly average remittances for the period (July-June 2007) comes out to 457.80 million dollars as compared to 383.34 million dollars during the same period of the last fiscal year, registering an increase of 19.42 percent.
During the month June, workers remittances have risen by nine percent or 41.68 million dollars to 505.55 million dollars as compared to 463.87 million dollars sent by Pakistani workers to home during June 2006. The Saudi Arabia and US are the leading country, wherefrom over one billion-dollar workers remittance have been received during the last fiscal year.
Remittances received from Saudi Arabia and the US amounted to 1.45964 billion dollars and 1.02356 billions respectively as compared to 1.24249 billion dollars and 750.44 million dollars respectively during the 2005-06 fiscal year.
The inflow of remittances in July 2006 to June 2007 period from the United Arab Emirates (UAE), Gulf Cooperation Council (GCC) countries, including Bahrain, Kuwait, Qatar and Oman, UK and the European Union (EU) countries amounted to 866.49 million dollars, 757.33 million dollars, 430.04 million dollars and 149 million dollars, respectively as compared to 716.30 million dollars, 596.46 million dollars, 438.65 million dollars and 119.62 million dollars, respectively from July 2005 to June 2006 period.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the 2006-07 fiscal year amounted to 804.91 million dollars as against 724.07 million dollars in the 2005-06 fiscal year, showing a rise of 11.16 percent or 80.84 million dollars.
The inflow of remittances into Pakistan from most of the countries of the world increased last month as compared to June, 2006. According to the break-up, remittances from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to 140.17 million dollars, 96.47 million dollars, 95.39 million dollars, 68.16 million dollars, 37.45 million dollars and 12.47 million dollars respectively as compared to the corresponding period receipts from the respective countries during June 2006, ie 123.15 million dollars, 79.51 million dollars, 80.76 million dollars, 59.07 million dollars, 38.65 million dollars and 9.70 million dollars.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during June 2007 amounted to 55.33 million dollars as compared to 72.04 million dollars during June 2006.
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