Remittances soar over 23% to $1.22 Bln in FY09 first two months

Remittances by overseas Pakistanis continued to show rising trend as $1,219.51 million was received in first two months (July- August 2008) of current fiscal year 2008-09, showing increase of $234.31 million or 23.78 percent over same period of last fiscal year, State Bank of Pakistan said Saturday.

The amount of $1,219.51 million includes $0.06 million received through encashment and profit earned on Foreign Exchange Bearer Certificates FEBCs & Foreign Currency Bearer Certificates FCBCs.

The monthly average remittances for July- August, 2008 comes out to $609.76 million as compared to $492.60 million in same corresponding period of last fiscal year, registering 23.78 percent increase.

The inflow of remittances in July- August, 2008 period from USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar & Oman), UAE, UK and EU states amounted to $319.84 million, $264.64 million, $206.70 million, $201.45 million, $74.82 million, $32.70 million, respectively as compared to $265.33 million, $202.40 million, $142.88 million, $156.88 million, $82.81 million, $28.88 million, respectively in July- August, 2007.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other states in first two months of current fiscal 2008-09 amounted to $119.30 million as against $105.60 million in same period last year.

During August 2008, Pakistani workers remitted $592.30 million, up $102.79 million or 21% when compared $489.51 million sent home in August 2007.

The inflow of remittances from almost all countries increased last month as compared to August, 2007. According to break up, remittances from USA, Saudi Arabia, GCC states (including Bahrain, Kuwait, Qatar & Oman), UAE, UK, EU states 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 corresponding receipts from respective states 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 from Norway, Switzerland, Australia, Canada, Japan and other states in August, 2008 amounted to $58.31 million as compared to $46.70 million in August, 2007.

Related terms: australia, bahrain, canada, foreign exchange, japan, kuwait, norway, oman, pakistan, profit, qatar, saudi arabia, switzerland, uae