KARACHI, March 17: Despite discouraging economic indicators, overseas Pakistanis have increased their efforts to send more foreign exchange, reflecting their confidence in the country’s economy.

The State Bank of Pakistan on Monday reported that the overseas Pakistanis sent 21 per cent more remittances during the last eight months of the current fiscal year (2007-08).This rising trend accumulated $4.126 billion during July-February period which was 20.77 per cent higher than the amount Pakistan received during the same period last year.

The monthly average of remittances during these eight months was $515 million as compared to $427 million during the corresponding period last fiscal year, registering an increase of 20.77 per cent.

During February 2008, Pakistani workers remitted an amount of $502.76 million, which is up $45.58 million or 9.97pc when compared with an amount of $457.18 million sent home in February 2007.

The inflow of remittances from almost all the countries increased last month as compared to February, 2007.

Remittances occupied a very important place in the list of country’s foreign exchange resources as imbalances of foreign accounts have become a toughest task for the country.