KARACHI, May 17: Remittances from overseas Pakistanis increased by over 5 per cent during the first 10 months of the current financial year but the inflow during April 2006 slowed down to almost at the same level of April 2005.

The State Bank on Wednesday issued the latest figures of remittances which reached $3,629.68 million during the first 10 months of the current fiscal year (July–April) as against $3,451.51 million the same period last year, showing an increase of 5.16pc.

The remittances include $10.81m received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

Pakistani workers remitted $401.47m during April 2006 as against $401.00m in April 2005.

The inflow of remittances during the July-April period from the USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $994.78m, $584.64m, $555.84m, $477.30m, $346.40m and $97.06m respectively as compared to $1,076.22m, $506.22m, $580.87m, $425.95m, $309.99m and $83.25m during the corresponding period of the last fiscal year.

While remittances received from Canada, Australia, Norway, Switzerland, Japan and other countries during the period under review totalled $562.85m as compared to $457.27m the same period last year.

The inflow of remittances into Pakistan from most countries of the world increased last month as compared to April 2005. According to the break up, Pakistan received workers remittances during April 2006 from USA ($101.24m), Saudi Arabia ($69.05m), UAE ($64.59mn), GCC countries including Bahrain, Kuwait, Qatar and Oman ($47.98mn), UK ($41.05mn) and EU countries ($9.44m) as compared to $121.04m, $57.26m, $73.04m, $43.80m, $39.61m and $11.16m received from the respective countries in April 2005.

Remittances received from Canada, Australia, Norway, Switzerland, Japan and other countries during April 2006 totalled $68.00m as compared to $47.7m the same month last year.