Remittances from overseas Pakistani workers slightly increased by 0.51 percent in the first seven months (July-January) of the current fiscal year. According to the figures issued by State Bank on Wednesday, the country received $2.268 billion in seven months, against $2.568 billion of the corresponding period of last year. "Pakistan received $2.268 billion as workers' remittances during the first seven months of the current fiscal year as against $2.256 billion received in the corresponding period of the last fiscal year," said a press release issued by the SBP.

"This is an increase of $12 million, or 0.51 percent," it added.

The amount of $2.268 billion includes $3.46 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

During January 2005, workers remitted $321.38 million.

The monthly average remittances for the period July-January was $323.93 million, as compared to $322.30 million during same period of last fiscal year, depicting an increase of $1.63 million, or 0.51 percent.

The inflow of remittances into Pakistan during January, 2005, from USA, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), Saudi Arabia and the UK amounted to $102.06 million, $54.40 million, $45.23 million, $43.23 million and $28.74 million, respectively. Remittances received from the EU and other countries during January amounted to $47.48 million.-PR

Copyright Business Recorder, 2005