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Remittances rise 19.53pc to $5.319b during first ten
months of FY08
Karachi—Remittances sent home by overseas Pakistanis
continued to show a rising trend as an amount of $5,319.08 million
was received in the first ten months (July 2007-April 2008) of the
current fiscal year 2007-08, showing an increase of $868.96 million
or 19.53 percent over the same period of the last fiscal year. The
amount of $5,319.08 million includes $2.20 million received through
encashment and profit earned on Foreign Exchange Bearer Certificates
(FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
The monthly average of remittances for the period July-April,
2007-08 comes out to $531.91 million as compared to $445.01 million
during the same corresponding period of the last fiscal year,
registering an increase of 19.53 percent. The inflow of remittances
in the July-April, 2007-08 period from USA, Saudi Arabia, UAE, GCC
countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU
countries amounted to $1,463.73 million, $1,001.71 million, $907.52
million, $795.18 million, $379.03 million and $147.65 million,
respectively as compared to $1,176.12 million, $827.60 million,
$673.51 million, $609.88 million, $354.60 million and $123.08
million, respectively in the July-April, 2006-07 period. Remittances
received from Norway, Switzerland, Australia, Canada, Japan and
other countries during the first ten months of the current fiscal
year amounted to $622.06 million as against $683.09 million in the
same period last year.
During the last month (April 2008), Pakistani workers remitted an
amount of $590.71 million, up $77.36 million or 15.07% when compared
with an amount of $513.35 million sent home in April 2007. The
inflow of remittances into Pakistan from almost all countries of the
world increased last month as compared to April, 2007. 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 $151.39 million, $119.76 million, $113.90 million,
$90.91 million, $44.18 million and $16.52 million, respectively as
compared to the corresponding receipts from the respective countries
during April 2007.—NNI
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