Remittances surge to $5.79b

KARACHI - Remittances sent home by the overseas Pakistanis soared to $5,786.89 million in the first eight months (July-February) of the current fiscal year 2009-10, showing an increase of $868.26 million or 17.65 per cent over the same period of the last fiscal year, SBP said on Wednesday.
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.
According to SBP, 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 $486.34m 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.