Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of 3.832 billion dollars was received in the first five months (July-November) of the current fiscal year 2009-10, showing an increase of 866.13 million dollars or 29.20 percent over the same period of the last fiscal year.
The amount of 3.832 billion dollars includes 0.93 million dollars received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs). In November 2009, an amount of 742.79 million dollars was sent home by overseas Pakistanis, up 19.70 percent or 122.27 million dollars, as compared with 620.52 million dollar received in the same month last year.
The inflow of remittances in the July-November, 2009 period from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to 854.21 million dollars, 797.18 million dollars, 708.35 million dollars, 544.88 million dollars, 408.49 million dollars and 123.90 million dollars respectively as compared to 534.25 million dollars, 767.12 million dollars, 600.25 million dollars, 496.21 million dollars, 188.95 million dollars and 81.02 million dollars respectively in the July-November, 2008 period.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first five months of the current fiscal year amounted to 394.60 million dollars as against 298.39 million dollars in the same period last year.
The monthly average remittances for the July-November 2009 period comes out to 766.52 million dollars as compared to 593.30 million dollars during the same corresponding period of the last fiscal year, registering an increase of 29.20 percent.
During last month, ie, November 2009 remittances from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to 174.98 million dollars, 144.12 million dollars, 134.75 million dollars, 109.65 million dollars, 92.67 million dollars and 21.68 million dollars respectively as compared to 146.16 million dollars, 140.19 million dollars, 105.45 million dollars, 100.74 million dollars, 39.18 million dollars and 15.87 million dollars in November 2008.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during November 2009 amounted to 64.86 million dollars compared with 72.77 million dollars in the same month last year.
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.
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