KARACHI, June 15: Overseas Pakistanis sent home $3.81 billion in eleven months of this fiscal year i.e. between July 2004 and May 2005. During the same period of the last fiscal year they had repatriated $3.517 billion. Thus the remittances during July-May 2004-05 show an increase of $293 million or 8.34 per cent over a year-ago period, data released by the State Bank show.
The $3.81 billion remittances include $15.15 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
In May 2005 overseas Pakistanis sent home $358.30 million as against $306 million in May 2004 -— an increase of $52.30 million or 17.1 per cent. The monthly average remittances during July–May 2004-2005 were $346.35 million as compared to $319.69 million during the same period of the last fiscal year depicting an increase of $26.66 million or 8.34 per cent.
During July-May 2004-05, remittances from Pakistanis living in the US totalled $1.185 billion whereas remittances from those living in the UK stood at $337 million.
Overseas Pakistanis settled in Saudi Arabia and the UAE sent back home $567 million and $652 million respectively.
The overall inflow of $3.81 billion in eleven months of this fiscal year indicates that full year remittances would be somewhere between $4.1-4.2 billion. In the last fiscal year Pakistan had received $3.8 billion remittances from overseas Pakistanis.
A $4 billion plus remittances during this fiscal year, though higher than that of the last year, would be far lesser than the country’s anticipated trade deficit of $6 billion plus.
Inflow of foreign exchange from overseas Pakistanis began to rise after the September 11, 2001 terror attacks on the US.
In fiscal year July-June 2001-2002 remittances from overseas Pakistanis more than doubled to $2.389 billion from $1.087 billion a year ago. In the following years, the remittances rose further totalling $4.237bn in 2002-03 and $3.871bn in 2003-04.
