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November 17, 2006
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Friday
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Shawwal 24, 1427
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Remittances rise by 19 per cent in July-Oct
By Our Staff Reporter
KARACHI, Nov 16: The remittances sent by overseas Pakistanis workers grew by 19 per cent during July-October 2006 giving a sigh of relief to the government burdened with huge trade imbalances.
The State Bank of Pakistan data released here on Thursday showed that during the four months under review $1.644 billion were remitted compared to $1.375 billion the same period last year, an increase of 19.57pc.In October 2006 the overseas Pakistani workers sent $410 million against $372 million in October 2005, a rise of 10.23pc.
The total remittances of $1.644 billion include $1.02 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
The highest amount of remittances is still coming from United States where Pakistanis feel difficulty to remit their money because of extensive search being conducted by the US agencies to check money laundering and transfer of money towards unwanted elements.
The inflow of remittances during July–October from the US, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $421.76m, $318.20m, $250.70m, $231.61m, $138.45m and $48.31m respectively as compared to $391.80m, $232.59m, $196.28m, $181.19m, $148.68m and $39.73m the same period last year.
Remittances received from Canada, Australia, Norway, Switzerland, Japan and other countries during the period under review amounted to $234.15m as compared to $177.79m in the same period last year.
The monthly average remittances for the period July-October, 2006 comes out to $411.05 million as compared to $343.79 million during the same period of the last fiscal year.
The inflow of remittances from almost all countries increased in October 2006 as compared to October 2005.
Pakistan received workers’ remittances during October 2006 from USA ($109.89m), Saudi Arabia ($75.41m), UAE ($59.88m), GCC countries - including Bahrain, Kuwait, Qatar and Oman ($58.14m), UK ($36.22m) and EU countries ($11.88m).
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