July-March: 15.78 percent rise in remittances

Remittances from overseas Pakistanis continued to rise and $6,550.88 million was received in nine months (July-March) of the current fiscal year, showing an increase of $892.82 million, or 15.78 percent, over the amount received during same period of last fiscal year.
This amount included $1.01 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs). In March 2010, $763.72 million was sent home by overseas Pakistanis, up$24.29 million, or 3.28 percent, as compared with $739.43 million received in the same month of last year. The amount received in March is the third highest in the current fiscal year. Previously, remittances worth $806.12 million and $780.53 million were received in September 2009 and August 2009, respectively.
The inflow of remittances in July-March 2009-10 period from UAE, Saudi Arabia, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,497.24 million, $1,342.77 million, $1,317.71 million, $932.83 million, $660.97 million and $189.57 million respectively as compared to $1,210.15 million, $1,113.58 million, $1,291.47 million, $893.19 million, $406.43 million and $175.67 million respectively in the July-March, 2009 period.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during first nine months of the current fiscal year amounted to $608.75 million as against $567.12 million in the same period of last year. The monthly average remittances for the July-March 2010 period comes out to $727.88 million as compared to $628.67 million during the same corresponding period of the last fiscal year, registering an increase of 15.78 percent.
During March 2010 remittances from Saudi Arabia, UAE, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $193.91 million, $178.86 million, $144.50 million, $105.89 million, $64.71 million and $18.15 million respectively as compared to $151.28 million, $174.60 million, $134.96 million, $109.80 million, $62.35 million and $25.62 million in March 2009. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during March 2010 amounted to $57.68 million compared with $80.78 million in the same month last year.
It may be pointed out that the State Bank, the Ministry of Finance and the Ministry of Overseas Pakistanis undertook 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 have been showing considerable growth.