KARACHI, Oct 22: The remittances sent by overseas Pakistanis registered over 21 per cent increase during the first quarter of the current fiscal year.The rising inflows of remittances continued to trim down the impact of current account deficit and it was expected that the foreign exchange reserves of the country would further rise.The SBP on Monday announced that the country received $1.501 billion in remittance during July-September 2007, which is 21.7 per cent higher than the corresponding period of last year.

The monthly average remittances for July-Sept were $500.42 million and if the inflow continues with the same pace, the country could receive over $6 billion as workers’ remittances by the end of the current fiscal.Last year, in the first quarter the average inflow of remittances was $411.2 million and it ended with the much more than the expected inflows.During 2006-07, the workers’ remittances amounted to $5.493 billion, depicting an increase of 19.4 per cent over the corresponding period of the previous fiscal.The inflow of remittances from most of the countries increased in September 2007 as compared to September 2006.

A sum of $1,501.25 million that included $0.63 million was received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs) during the quarter under review. The inflow of remittances from the USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $420.90m, $294.99m, $237.39m, $217.14m, $119.91m and $44.78m, respectively, as compared to $311.87m, $242.79m, $190.82m, $173.47m, $102.23m and $36.43m in the July-September, 2006.