KARACHI, Dec 16: Inflow of remittances has further gone up as the first five months of the current year received 24 per cent higher remittances than the corresponding period of last year.

The State Bank said on Saturday that Pakistan received an amount of $2,092.81 million as workers’ remittances during the first five months (July–November) of the current fiscal year as against $1,683.96 million in the corresponding period of the last fiscal year, thus witnessing an increase of $408.85 million or 24.28 per cent during the five months. This could be highly satisfactory for the government facing ever-increasing trade and current account deficits.

The amount of $2,092.81 million includes $1.17 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

In November 2006, Pakistani workers overseas remitted $448.61 million as against $308.81 million in November 2005 depicting an increase of $139.80 million or 45.27 per cent.

The monthly average remittances for the period July-November 2006 comes out to $418.56 million as compared to $336.79 million during the same period of the last fiscal year.

The inflow of remittances during the first five months (July-November) from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU amounted to $533.46 million, $398.99 million, $318.12 million, $291.47 million, $180.10 million and $62.57 million, respectively, as compared to $481.54 million, $280.89 million, $243.26 million, $228.25 million, $172.78 million and $47.76 million. Remittances received from Canada, Australia, Norway, Switzerland, Japan and other countries during the first four months amounted to $306.93 million as compared to $221.63 million in the corresponding period of the last fiscal year.

The inflow of remittances into Pakistan from all countries of the world increased last month as compared to November, 2005.

In November 2006, the country received workers’ remittances from USA to the tune of $111.70 million, Saudi Arabia $80.79 million; UAE $67.42 million; GCC countries — including Bahrain, Kuwait, Qatar and Oman $59.86 million; UK $41.65 million; EU countries $14.26 million as compared to the corresponding receipts from the respective countries during November, 2005 i.e. $89.74 million, $48.30 million, $46.98 million, $47.06 million, $24.10 million and $8.03 million respectively. Remittances received from Canada, Switzerland, Australia, Norway, Japan and other countries during November, 2006 amounted to $72.78 million as compared to $43.84 million during November 2005.