ISLAMABAD, Asharq Al-Awsat – Pakistan received $2.092 billion remittances from its overseas workers during the first five months (July-November 2006) of the current fiscal year as against $1.683 billion in the corresponding period of last year, registering an increase of $408.85 million or 24.28 per cent, the State Bank of Pakistan (SBP) said.
The amount of $2,092.81 million includes $1.17 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
During November 2006, workers remitted $448.61 million as against $308.81 million in November 2005, depicting an increase of $139.80 million or 45.27 per cent.
The SBP said in a statement that the inflow of remittances during the first five months from the US, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $533.46 million, $398.99 million, $318.12 million, $291.47 million, $180.10 million and $62.57 million respectively as compared to $481.54 million, $280.89 million, $243.26 million, $228.25 million, $172.78 million and $47.76 million.
Remittances received from Canada, Australia, Norway, Switzerland, Japan and other countries during the first four months amounted to $306.93 million as compared to $221.63 million in the corresponding period of the last fiscal year.
The monthly average remittances for the period July-November, 2006 comes out to $418.56 million as compared to $336.79 million during the same period of the last fiscal year.
The inflow of remittances into Pakistan from all countries of the world increased last month as compared to November 2005.
According to the break-up, Pakistan received workers remittances during November, 2006 from the US ($111.70 million), Saudi Arabia ($80.79 million), UAE ($67.42 million), GCC countries including Bahrain, Kuwait, Qatar and Oman ($59.86 million), UK ($41.65 million) and EU countries ($14.26 million) as compared to the corresponding receipts from the respective countries during November, 2005 i.e. $89.74 million, $48.30 million, $46.98 million,
$47.06 million, $24.10 million and $8.03 million. Remittances received from Canada, Switzerland, Australia, Norway, Japan and other countries during November 2006 amounted to $72.78 million as compared to $43.84 million during November 2005.