Remittances sent home by Overseas Pakistanis continued to show a rising trend as an amount of 1,219.51 million dollars was received in the first two months (July-August 2008) of the current fiscal year 2008-09.
This shows an increase of 234.31 million dollars or 23.78 percent over the same period of the last fiscal year, says a SBP statement on Saturday.
The amount of 1,219.51 million dollars includes 0.06 million dollars received through encashment and profit earned on Foreign Exchange Bearer Certificates and Foreign Currency Bearer Certificates.
The monthly average remittances for the period of July-August 2008 comes out to 609.76 million dollars as compared to 492.60 million dollars during the same corresponding period of the last fiscal year, registering an increase of 23.78 percent.
The inflow of remittances in the July-August 2008 period from USA , Saudi Arabia, GCC countries ( including Bahrain, Kuwait, Qatar and Oman), UAE, UK and EU countries amounted to $319.84 million, $264.64 million, $206.70 million, $201.45 million, $74.82 million and $32.70 million, respectively as compared to $265.33 million, $202.40 million, $142.88 million, $156.88 million, $82.81 million and $28.88 million, respectively in the July-August, 2007 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first two months of the current fiscal year 2008-09 amounted to $119.30 million as against $105.60 million in the same period last year.
During the last month (August 2008), Pakistani workers remitted an amount of $592.30 million, up $102.79 million or 21 percent when compared with an amount of $489.51 million sent home in August 2007.
The inflow of remittances into Pakistan from almost all countries of the world increased last month as compared to August, 2007. 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 $151.45 million, $131.38 million, $101.39 million, $101.35 million, $32.78 million and $15.63 million, respectively as compared to the corresponding receipts from the respective countries during August 2007, i.e. $137.34 million, $95.85 million, $72.58 million, $79.53 million, $43.31 million and $14.07 million. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during August, 2008 amounted to $58.31 million as compared to $46.70 million during August, 2007.