KARACHI, April 17: Workers’ remittances increased by $177 million during the first nine months (July-March) of the current fiscal year giving hope for higher returns than last year.

The country received an amount of $3,228.21 million as workers’ remittances during the nine months against $3,050.51 million received in the corresponding period of the last fiscal year registering an increase of $177.70 million or 5.83 per cent.

The amount of $3,228.21 million includes $10.69 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

Pakistani workers remitted a record $423.56 million during last month as compared to the previous eight months of this year.

They remitted $313.14 million in July, August $348.41 million, September $341.10 million, October $372.50 million, November $308.81 million, December $371.24 million, January $391.32 million and February $358.13 million, respectively.

The inflow of remittances during the first nine months of the current fiscal year from the USA, Saudi Arabia, the UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), the UK and the EU countries amounted to $893.54 million, $515.59 million, $491.25 million, $429.32 million, $305.35 million and $87.62 million, respectively, as compared to $955.18 million, $448.96 million, $507.83 million, $382.15 million, $270.38 million and $72.09 million during the corresponding period of the last fiscal year.

Remittances received from Canada, Australia, Norway, Switzerland, Japan and other countries during July 2005 – March, 2006 amounted to $494.85 million as compared to $409.57 million in the corresponding period of the last fiscal.

The monthly average remittances for the period July, 2005 – March, 2006 come out to $358.69 million as compared to $338.95 million during the same period last year.

The inflow of remittances into Pakistan during March, 2006, from the USA, Saudi Arabia, the UAE, GCC countries the UK and the EU countries amounted to $108.13 million, $72.50 million, $71.96 million, $57.96 million, $38.63 million and $9.79 million, respectively.

Remittances received from Canada, Australia, Norway, Switzerland, Japan and other countries during March, 2006 amounted to $64.47 million.