KARACHI, May 15: Overseas Pakistanis continued to show confidence in the country’s economy by sending 19.5 per cent higher remittances in 10 months, compared to the corresponding period of last year.

The State Bank of Pakistan reported on Thursday that remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $5,319.08 million was received in the first 10 months (July-April) of the current fiscal year.

This was an increase of $868.96 million or 19.53 per cent over the same period of last fiscal year.

The total remittances of overseas Pakistanis at the end of the fiscal year may cross $6.3 billion which would not only be a record, but would also help the country meet its record current account deficit.

Analysts said that remittances with the inclusion of foreign direct investment can reach over $10.5 to $11 billion at the end of the fiscal year which means that the country would be able to meet its foreign payments with some help from borrowing.

The FDI in nine months was over $3 billion.

“Had the stock market performed well like last fiscal year, inflow of foreign portfolio with the help of the above two sources could have met the record current account deficit,” said an analyst.

The monthly average of remittances for the July-April period comes out to $531.91 million as compared to $445.01 million during the same period of the last fiscal year, registering an increase of 19.53 per cent.