KARACHI, Aug 12: The first month of the current fiscal year carried good news that remittances sent by the overseas Pakistanis increased by over 26 per cent compared to the same month of last year.

According to the State Bank, Pakistani workers remitted a record amount of $627.21 million in July last as against $495.69 million remitted in the same month of last fiscal year. This was a jump of $131.52 million or 26.53 per cent.

The previous highest amount remitted in a single month by Pakistani workers was recorded in March, 2008, when an amount of $602.21 million was received in the country.

The inflow of remittances into Pakistan from almost all countries of the world increased last month as compared to July, 2007.

According to the break up, remittances from US, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UAE, UK and EU countries amounted to $168.39 million, $133.26 million, $105.31 million, $100.10 million, $42.04 million and $17.07 million, respectively.

The amount of $627.21 million includes $0.05 million received through encashment and profit earned on Foreign Exchange Bearer Certificates and Foreign Currency Bearer Certificates.