Pak remittances mount by 13%

KARACHI: Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of dollars 2,345.99 million was received in the first four months (July-October, 2008) of the current fiscal year 2008-09. This shows an increase of dollars 264.5 million or 12.71 percent over the same period of the last fiscal year, says a statement issued from State Bank of Pakistan on Tuesday.The amount of dollars 2,345.99 million includes dollars 0.16 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 July-October, 2008 comes out to dollars 586.50 million as compared to dollars 520.37 million during the same corresponding period of the last fiscal year; registering an increase of 12.71 percent.The inflow of remittances in the July-October 2008 period from USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait,Qatar and Oman), UAE, UK and EU countries amounted to $626.93m, $494.80m, $395.47m, $388.09m, $149.77m and $65.15m, respectively as compared to $590.81m, $390.91 m, $302.14m, $334.82m, $164.50m and $60.68m, respectively in the July-October, 2007 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first four months of the current fiscal year 2008-09 amounted to $225.62 m as against $ 236.96m in the same period last year.During the last month i.e. October 2008, Pakistani workers remitted an amount of $466.13m.According to the break up, remittances from USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UAE, UK and EU countries amounted to $127.28 m, $96.78m, $80.10m, $75.91m, $31.20m and $13.37m, respectively during October 2008.Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during October 2008 amounted to dollars $ 41.44m.

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