RemittancesGateway.org

Pakistan: Remittances up over 22pc to record $806.12m

Monday, 12 October 2009 10:17

Source: The Nation

Pakistani workers remitted a record amount of $806.12 million in September, as against $660.35 million in the same month of the last fiscal year (September 2008), showing a jump of $145.77 million or 22.07 per cent.

The amount of $806.12m includes $0.08m received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

This is the third consecutive record amount remitted in a single month during the current 2009-10 fiscal year (FY10). The previous highest amount remitted in a single month by Pakistani workers was recorded in August, 2009, when an amount of $780.53m was received in the country.

During the first quarter (July-Sept) of FY10, an amount of $2.332b was sent home by overseas Pakistanis, showing an impressive 24 percent rise when compared with $1.880b received in the same period last year. The amount of $2.332b includes $0.74m received through encashment and profit earned on FEBCs and FCBCs. The monthly average of remittances in the first quarter of FY10 remained at $777.17m, up 24 percent from $626.62m in the same quarter last year.

The inflow of remittances in the July& September, 2009 period from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $504.01m, $498.76m, $430.75m, $323.87m, $235.08m and $78.27m respectively as compared to $312.18m, $499.65m, $398.02m, $315.37m, $118.57m and $51.78m respectively, in the July& September, 2008 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries in the first quarter of FY10 amounted to $260.02m as against $184.18m in the same period last year.

The inflow of remittances into Pakistan from almost all countries of the world increased last month as compared to September, 2008. According to the break up, remittances from USA, UAE, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $181.82 million, $179.84 million, $134.31 million, $112.39 million, $86.59m and $26.15 million, respectively as compared to the corresponding receipts from the respective countries during September 2008, i.e. $179.81m, $110.73m, $133.38m, $108.67m, $43.75m and $19.08m. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during September, 2009 amounted to $84.94m as compared to $64.88m during September, 2008.