Remittances Rise Over 17Pc To $5.79bn

Thursday, March 11, 2010 at 11:41 am under Business News

Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $5,786.89 million was received in the first eight months (July?February) of the current fiscal year 2009?10, showing an increase of $868.26 million or 17.65 percent over the same period of the last fiscal year. The amount of $5,786.89 million includes $1.0 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
In February 2010, an amount of $588.78 million was sent home by overseas Pakistanis, compared with $641.32 million in the same month last year.
The inflow of remittances in the July-February, 2010 period from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,317.17 million, $1,173.37 million, $1,148.86 million, $826.93 million, $596.26 million and $171.41 million respectively as compared to $1,035.55 million, $1,156.51 million, $962.30 million, $783.39 million, $344.08 million and $150.05 million respectively in the July?February, 2009 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first eight months of the current fiscal year amounted to $550.65 million as against $486.34 million in the same period last year.
The monthly average remittances for the July?February 2010 period comes out to $723.36 million as compared to $614.83 million during the same corresponding period of the last fiscal year, registering an increase of 17.65 percent.
During last month i.e. February 2010 remittances from Saudi Arabia, UAE, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $149.45 million, $136.88 million, $111.48 million, $89.21 million, $45.91 million and $13.48 million respectively as compared to $123.64 million, $166.62 million, $127.48 million, $93.09 million, $54.12 million and $18.31 million in February 2009. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during February 2010 amounted to $41.13 million compared with $58.04 million in the same month last year.