Remittances from overseas Pakistanis during first quarter of current fiscal year (July-September 2007) amounted to $1.501 billion, against $1.234 billion of corresponding period of last year, showing an increase of $267.66 million, or 22 percent.
The amount of $1.501 billion includes $0.63 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs). The monthly average remittances for the period comes out to $500.42 million as compared to $411.20 million of last fiscal year, registering an increase of 21.70 percent.
The inflows from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $420.90 million, $294.99 million, $237.39 million, $217.14 million, $119.91 million and $44.78 million, respectively, as compared to $311.87 million, $242.79 million, $190.82 million, $173.47 million, $102.23 million and $36.43 million respectively in the July-September, 2006 period.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first three months of the current fiscal year amounted to $165.51 million against $175.00 million of last year.
During September 2007, an amount of $516.05 million was received , up $94.31 million or 22.36 percent when compared with an amount of $421.74 million sent home in September 2006.
The inflow of remittances into Pakistan from most of the countries of the world increased last month as compared to September, 2006. According to the break-up, remittances from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $155.57 million, $92.59 million, $80.51 million, $74.26 million, $37.10 million and $15.90 million, respectively as compared to the corresponding receipts from the respective countries during September 2006, ie $108.28 million, $77.45 million, $65.85 million, $58.05 million, $32.85 million and $11.83 million.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during September, 2007 amounted to $59.91 million as compared to $67.25 million during September, 2006.