January 18, 2008	Friday	Muharram 08, 1429

KARACHI, Jan 17: Overseas Pakistanis remitted $3,066.33 million during the first half (July-Dec) of 2007-08, showing an increase of 19.40 per cent over $2,568.02 million sent back home the same period last year.

The State Bank of Pakistan on Thursday announced that the total remittances received during the period under review included $1.12 million encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

The monthly average came to $511.06 million as compared to $428.00 million over the corresponding period last year.

The inflow of remittances from the US stood at $874.21 million, Saudi Arabia $563.06 million, UAE $500.33 million, GCC countries (including Bahrain, Kuwait, Qatar and Oman) $457.21 million, UK $227.23 million and EU countries $88.99 million during July-December 2007 as compared to $659.27 million, $483.32 million, $397.03 million, $358.58 million, $218.67 million and $74.89 million, respectively, during July-December 2006-07.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries amounted to $354.18 million during July-Dec 2007-08 as against $374.92 million the same period last year.

During December 2007, overseas Pakistanis remitted $479.26 million, up $4.05 million or 0.85pc when compared with $475.21 million sent home in December 2006.

RUPEE STRONGER: Meanwhile, the rupee posted gains on Thursday on improved dollar supplies and dealers said the rupee was likely to steady in coming days.

The rupee closed at Rs62.24/28 to the dollar, stronger than Wednesday’s close of Rs61.52/55, dealers said.

The rupee has been trading near a six-year low because of rising import payments, especially for oil, and outflows from financial markets which boosted demand for dollars.

Dealers said increase in remittances would also help support the rupee.

Some dealers said the central bank may have intervened in the market.

In the short-term money market, rates remained firm at top levels on Thursday amid a lack of cash inflows, dealers said.

Overnight call rates ended at 9.9 per cent, unchanged from Wednesday’s close, and just below the 10.0 per cent discount rate at which banks borrowed Rs7 billion from the State Bank of Pakistan three-day repo facility.—Agencies