KARACHI, March 16: Overseas Pakistani workers remitted about 22 per cent more foreign exchange during the first eight months (July-Feb 2007) against the corresponding period of last year.

Pakistan received an amount of $3,416.53 million as workers’ remittances during this period as against $2,804.65 million in the corresponding period of the last fiscal year, an increase of $611.88 million (21.82pc).

During February 2007, Pakistani workers remitted $457.18 million as against $358.13 million in February, 2006, depicting an increase of $99.05 million (27.66pc).

The monthly average remittances for the period July 2006 - February 2007 come out to $427.07 million as compared to $350.58 million during the same period of the last fiscal year registering an increase of 21.82 per cent.

The total amount of $3,416.53 million includes $1.55 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

The inflow of remittances during the first eight months of the current fiscal year from US, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $891.97 million, $640.79 million, $513.69 million, $467.86 million, $281.50 million and $97.50 million, respectively, as compared to $785.41 million, $443.09 million, $419.29 million, $371.36 million, $266.72 million and $77.83 million during the same period last fiscal year.

Remittances received from Canada, Australia, Norway, Switzerland, Japan and other countries during the first eight months amounted to $521.67 million as compared to $430.38 million in the corresponding period of the last fiscal year.

According to the break-up, Pakistan received workers’ remittances during February, 2007 from US ($123.96 million), Saudi Arabia ($88.26 million), UAE ($69.82 million), GCC countries, including Bahrain, Kuwait, Qatar and Oman ($60.50 million), UK ($33.64 million) and EU countries ($11.89 million) as compared to the corresponding receipts from the respective countries during February, 2006 i.e. $89.98 million, $58.80 million, $59.44 million, $45.73 million, $30.27 million and $7.12 million.

Remittances received from Canada, Switzerland, Australia, Norway, Japan and other countries during February, 2007, amounted to $68.96 million as compared to $66.66 million during February, 2006.