KARACHI, Nov 17: Overseas Pakistanis sent record remittances in October, setting new trends which could make another record at the end of the fiscal 2007-08.

The State Bank on Saturday reported that the remittances sent home by overseas Pakistanis reached a record level of $580.24 million in October 2007 as against $410.61 million in the same month last year, showing a jump of $169.63 million or 41.31pc. The previous highest amount remitted in a single month was recorded in May 2007 when an amount of $537.98 million was received in the country.

The four-month inflow of remittances showed that during July-October 2007, the growth was over 26 per cent.

The SBP said Pakistan received an amount of $2,081.49 million in the first four months (July-October 2007) of the current fiscal year 2007-08, showing an increase of $437.29 million or 26.60 per cent over the same period of the last fiscal year.

The monthly average remittances for the period July-October, 2007 comes out to $520.37 million as compared to $411.05 million during the same corresponding period of the last fiscal year, registering an increase of 26.60 per cent.

The amount of $2,081.49 million includes $0.67 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

The highest inflow and growth in remittances were noted from the United States. However, growth in inflows was recoded from all the countries from where average remittances increased.

During October, Pakistanis settled in USA sent $169.91 million and in the four months (July-Octobder) a total of $590.8 million were remitted to Pakistan.

An analyst commented that the record inflow of remittances was either the reflection of increased confidence of Pakistanis on the economy and the government or it was the nervousness of Pakistanis settled in US who want to save their assets in Pakistan.