Overseas Pakistanis' remittances touched the highest mark at $4,600.12 million during 2005-06), against $4,168.79 million received in the previous year (2004-05), registering an increase of $431.33 million or 10.35 percent.
According to the State Bank of Pakistan (SBP), the amount, $4,600.12 million, includes $12.09 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
The previous (second) highest amount of $4,236.85 million sent by overseas Pakistanis, was recorded during the fiscal year 2002-03. The inflow of remittances into Pakistan during the period under review from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,242.49 million, $750.44 million, $716.30 million, $596.46 million, $438.65 million and $119.62 million, respectively against $1,294.08 million, $627.19 million, $712.61 million, $512.14 million, $371.86 million and $101.51 million during 2004-05.
Remittances received from Canada, Switzerland, Norway, Australia, Japan and other countries during last fiscal year amounted to $724.07 million as compared to $532.90 million of 2004-05.
During last month (June 2006), workers remitted $463.87 million, against $358.98 million of June 2005, registering an increase of $104.89 million, or 29.22 percent.
The monthly average remittances for the year 2005-06 was $383.34 million as compared to $347.40 million of 2004-05, depicting an increase of $35.94 million, or 10.35 percent.
The inflow of remittances into Pakistan from all countries of the world increased last month as compared to June 2005. According to the break-up, Pakistan received remittances during June 2006 from USA $123.15 million, UAE 80.76 million, Saudi Arabia $79.51 million, GCC countries, including Bahrain, Kuwait, Qatar and Oman $59.07 million, UK $38.65 million, and EU countries $9.70 million as compared to the corresponding receipts from the respective countries during June 2005 ie $109.15 million, $60.50 million, $59.65 million, $40.29 million, $33.65 million and $9.25 million. Remittances received from Canada, Switzerland, Australia, Norway, Japan and other countries during June 2006 amounted to $72.04 million as compared to $45.14 million of June 2005.