Home remittances sent by overseas Pakistanis during July-November 2007 recorded a rise of $494.26 million or 23.62 percent to $2.587 billion over the same period of the last fiscal year.
This amount included $0.97 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs). The monthly average remittances during five months comes out to $517.41 million as compared to $418.56 million during the same corresponding period of the last fiscal year.
The inflow of remittances in the July-November, 2007 period from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $733.76 million, $481.81 million, $423.00 million, $380.00 million, $197.41 million and $76.09 million, respectively as compared to $533.46 million, $398.99 million, $318.12 million, $291.47 million, $180.10 million and $62.57 million, respectively in the July-November, 2006 period.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first five months of the current fiscal year 2007-08 amounted to $294.03 million as against $306.93 million in the same period last year.
During the last month (November 2007), Pakistani workers remitted an amount of $505.58 million, showing a rise of $56.97 million or 12.70 percent when compared with $448.61 million sent home in November 2006. The inflow of remittances into Pakistan from most of the countries of the world increased last month as compared to November, 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 $142.95 million, $90.90 million, $88.18 million, $77.86 million, $32.91 million and $15.41 million, respectively as compared to the corresponding receipts from the respective countries during November 2006, ie $111.70 million, $80.79 million, $67.42 million, $59.86 million, $41.65 million and $14.26 million.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during November, 2007 amounted to $57.07 million as compared to $72.78 million during November, 2006.
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