KARACHI: Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $3,089.77 million was received in the first four months (July-October) of the current fiscal year 2009-10.
   
This shows an increase of $743.78 million or 31.70 per cent over the same period of the last fiscal year. The amount of $3,089.77 million includes $0.87 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs), said a statement issued here on Wednesday.
   
In October 2009, an amount of $758.29 million was sent home by overseas Pakistanis, up 62.68 per cent or $292.16 million, when compared with $466.13 million received in the same month last year.
   
The inflow of remittances in July-October, 2009 period from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $679.23 million, $653.06 million, $573.60 million, $435.23 million, $315.82 million and $102.22 million respectively as compared to $388.09 million, $626.93 million, $494.80 million, $395.47 million, $149.77 million and $65.15 million respectively in July-October, 2008 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first four months of the current fiscal year amounted to $329.74 million as against $225.62 million in the same period last year.
   
The monthly average remittances for July-October 2009 period comes out to $772.45 million as compared to $586.50 million during the same corresponding period of the last fiscal year, registering an increase of 31.71 per cent.
   
State Bank, Ministry of Finance and Ministry of Overseas Pakistanis had undertaken a joint initiative called Pakistan Remittance Initiative (PRI) recently with a view to facilitating the flow of remittances through formal channels. This initiative has started to materialize and remittances through formal channels are showing considerable growth.—APP

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