Remittances up 22 percent

Workers' remittances rose 22 percent to 3.623 billion dollars during the first seven months of current fiscal year. The State Bank of Pakistan on Saturday said remittances sent by overseas Pakistanis continued to show a rising trend as an amount of 3.623 billion dollars was received in July-January period of fiscal year 2008 against 2.959 billion dollars during the same period of last fiscal year, depicting a rise of 664.05 million dollars in seven months.
The amount of 3.623 billion dollars remittances includes 1.71 million dollars received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
During the last month (January 2008), Pakistani workers remitted an amount of 557.07 million dollars over an amount of 391.33 million dollars sent home during January 2007, showing an increase of 42.35 percent or 165.74 million dollars in January 2008.
The State Bank said that monthly average remittances for the period July-January, 2007-08 comes out to 517.63 million dollars as compared to 422.76 million dollars during the corresponding period of the last fiscal year, registering an increase of 22.44 percent.
The inflow of remittances in the July-January, 2007-08 period from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to 1.025 billion dollars, 663.67 million dollars, 593.57 million dollars, 539.88 million dollars, 262.88 million dollars and 103.18 million dollars, respectively as compared to 768.01 million dollars, 552.53 million dollars, 443.87 million dollars, 407.36 million dollars, 247.86 million dollars and 85.61 million dollars, respectively in the July-January, 2006-07 period.
Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries during the first seven months of the current fiscal year amounted to 432.80 million dollars as against 452.71 million dollars in the same period of last fiscal year. The inflow of remittances into Pakistan from almost all countries of the world increased last month as compared to January 2007.
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 151.50 million dollars, 100.61 million dollars, 93.24 million dollars, 82.67 million dollars, 35.65 million dollars and 14.19 million dollars, respectively as compared to the corresponding receipts from the respective countries during January 2007, ie 108.74 million dollars, 69.21 million dollars, 46.84 million dollars, 48.78 million dollars, 29.19 million dollars and 10.72 million dollars.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during January 2008 amounted to 78.62 million dollars as compared to 77.79 million dollars during January 2007.