KARACHI, June 16: Pakistan received record $506.57 million remittances in May as against $358.30 million in the same month last year, depicting an increase of $148.27 million or 41.38 per cent. The State Bank on Friday said remittances from overseas Pakistanis registered the highest-ever increase in country’s history. During 11 months (July-May) of the current fiscal year, Pakistan received $4,136.25 million as workers’ remittances as against $3,809.81 million received in the corresponding period last fiscal year, registering an increase of $326.44 million or 8.57 per cent.

The country, which is facing a trade deficit of about $11 billion by the end of this month, already received what it estimated for the whole year.

The amount of $4,136.25 million includes $11.10 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

Pakistani workers remitted $313.14 million, $348.41 million, $341.10 million, $372.50 million, $308.81 million, $371.24 million, $391.32 million, $358.13 million, $423.56 million and $401.47 million in July, August, September, October, November, December (2005), January, February, March and April (2006), respectively.

The inflow of remittances in 11 months of the current fiscal year from US, Saudi Arabia, the UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), the UK and EU countries amounted to $1,119.34 million, $670.93 million, $635.54 million, $537.39 million, $400.00 million and $109.92 million, respectively, as compared to $1,184.93 million, $567.54 million, $652.11 million, $471.85 million, $338.21 million and $92.26 million during the corresponding period last fiscal year. Remittances received from Canada, Australia, Norway, Switzerland, Japan and other countries during July-May 2005-06 amounted to $652.03 million as compared to $487.76 million in the corresponding period last fiscal year.

The monthly average remittances for the period under review comes out to $376.02 million as compared to $346.35 million during the same period last year.

The inflow of remittances into Pakistan from almost all countries of the world increased last month as compared to May 2005. According to the break-up, Pakistan received remittances in May 2006 from the US ($124.56 million), Saudi Arabia ($86.29 million), the UAE ($79.70 million), GCC countries, including Bahrain, Kuwait, Qatar and Oman ($60.09 million), UK ($53.60 million) and EU countries ($12.86 million) as compared to the corresponding receipts from the respective countries during the same month last fiscal year i.e. $108.71 million, $61.32 million, $71.24 million, $45.90 million, $28.22 million and $9.01 million. Remittances received from Canada, Australia, Norway, Switzerland, Japan and other countries in May 2006 amounted to $89.18 million as compared to $30.49 million during the same month last year.