Pak gets $673.50m remittances in Dec

KARACHI - Pakistani overseas workers sent the highest-ever amount of dollars 673.50 million as remittances in December 2008, beating the previous record of dollars 660.35 million received in September 2008.
A statement issued by State Bank of Pakistan here on Tuesday said the amount of dollars 673.50 million received in December 2008 showed an increase of $ 194.24 million, or 40.53 percent, when compared with $ 479.26 million received in Dec 2007.
Overall, in the first half (July-December 2008) of current 2008-09 fiscal year, the country received an amount of $ 3,640.01 million as workers' remittances as against $ 3,066.33 million during the same period of the last fiscal year showing an increase of $ 573.68 million or 18.71 percent. The amount of $ 3,640.01 million includes $ 0.37 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
The monthly average of remittances in July 2008 to December 2008 period comes to $ 606.67m, up $ 95.61m or 18.71 percent when compared with the same corresponding period last year.
The inflow of remittances over the period of July-December 2008 from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $ 903.49 million, $ 714.90 million, $ 699.43 million, $ 596.54 million, $ 239.82 million and $ 111.41 million respectively as compared to $ 874.21 million, $ 563.06 million, $ 500.33 million, $ 457.21m, $ 227.23 million and $ 88.99m respectively in the July-December 2007 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first half of the current fiscal year 2008-09 amounted to $ 374.05m as against $ 354.18m in the same period last year.
During December 2008 remittances from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $ 165.18 million, $ 136.37 million, $ 114.65 million, $ 100.33 million, $ 50.87 million and $ 30.39 million respectively as compared to $ 77.33 million, $ 140.45m, $ 81.25m, $ 77.21m, $ 29.82m and $ 12.90m in Dec 2007.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during Dec 2008 amounted to $ 75.66m, up from $ 60.15m received in the same month last year.