Expatriates remitted a record amount of $806.12 million in September, 2009 against $660.35 million in the same month of last year, showing a rise of $145.77 million, or 22.07 percent. This amount ($806.12 million) includes $0.08 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
This is the third consecutive record amount remitted in a single month during the current (2009-10) fiscal year (FY10). The previous highest amount in a single month was $780.53 million, received in the country in August 2009. During the first quarter (July-September) of FY10, an amount of $2.332 billion was sent home by overseas Pakistanis, showing an impressive 24 percent rise when compared with $1.880 billion received in the same period of last year.
The amount of $2.332 billion includes $0.74 million received through encashment and profit earned on FEBCs and FCBCs. The monthly average of remittances in the first quarter of FY10 remained at $777.17 million, up 24 percent from $626.62 million in the same quarter of last year.
The inflow of remittances in the July-September, 2009 period from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar, and Oman), UK and EU countries amounted to $504.01 million, $498.76 million, $430.75 million, $323.87 million, $235.08 million, and $78.27 million, respectively, as compared to $312.18 million, $499.65 million, $398.02 million, $315.37 million $118.57 million and $51.78 million, respectively, in the July-September, 2008 period.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries in the first quarter of FY10 amounted to $260.02 million as against $184.18 million in the same period of last year. The inflow of remittances into Pakistan from almost all countries of the world increased last month as compared to September, 2008.
According to the break-up, remittances from USA, UAE, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar, and Oman), UK and EU countries amounted to $181.82 million, $179.84 million, $134.31 million, $112.39 million, $86.59 million and $26.15 million, respectively, as compared to the corresponding receipts from the respective countries during September 2008, ie $179.81 million, $110.73 million, $133.38 million, $108.67 million, $43.75 million and $19.08 million.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during September 2009 amounted to $84.94 million as compared to $64.88 million during September, 2008.
It may be pointed out that the State Bank, Ministry of Finance and Ministry of Overseas Pakistanis had undertaken a joint initiative called 'Pakistan Remittance Initiative' (PRI) recently with a view to facilitating the flow of remittances through formal channels. This initiative has started to materialise and remittances through formal channels are showing considerable growth.-PR
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