Record $1.052 billion remittances received in March

Overseas Pakistani workers remitted $1.052 billion in March, 2011, as against $763.72 million of March 2010, showing a tremendous jump of $289.16 million, or almost 38 percent. This is the first time in the country's history when workers' remittances have crossed $1 billion figure in a month. The previous highest amount remitted in one month was $933.06 million in August 2010.
Country-wise remittances in March 2011 were as follows. Saudi Arabia, UAE, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries: $259.00 million, $232.19 million, $192.79 million, $128.10 million, $108.62 million and $35.49 million respectively, as compared to $193.91 million, $178.86 million, $144.50 million, $105.89 million, $64.71 million and $18.15 million of March 2010.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during March 2011 amounted to $96.69 million compared with $57.68 million in the same month last year. Pakistani workers remitted $8,016.16 million in nine months (July-March) of the current fiscal year 2010-11, showing an increase of $1465.33 million or 22.37 percent when compared with $6,550.83 million received over the same period of last fiscal year. The amount of $8,016.16 million remitted in country in July- March 2011 includes $0.03 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
The inflow of remittances in the July-March, 2011 period from UAE, Saudi Arabia, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,859.28 million, $1,822.00 million, $1,491.05 million, $948.12 million, $879.53 million and $255.73 million respectively, as compared to $1,497.19 million, $1,342.77 million, $1,317.71 million, $932.83 million, $660.97 million and $189.57 million respectively in the July-March, 2010 period.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first nine months of the current fiscal year amounted to $760.42 million as against $608.78 million in the same period last year. The monthly average remittances for the July-March 2011 period come out to $890.68 million as compared to $727.87 million during the same corresponding period of last fiscal year, registering an increase of 22.37 percent. It may be added here that the target of workers' remittances in the Annual Plan for FY11 was around $9 billion. The remittances sent home by overseas Pakistanis during the first nine months of the current fiscal year have crossed $8 billion mark.