KARACHI, Sept 13: Remittances sent by the overseas Pakistanis soared by 23 per cent in the first two months of the current fiscal year (2008-09).

According to the State Bank of Pakistan, remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $1,219.51 million was received in July and August of the current fiscal year, showing an increase of $234.31 million or 23.78 per cent over the same period of the last fiscal year.

The country is currently facing an acute shortage of foreign exchange, as reserves have fallen below $9 billion.

In the present situation, the only positive news for the economy emanating these days is that the quantum of remittances being sent by the overseas Pakistanis has increased in the first two months of the current fiscal year.

While the government, despite all efforts, could not bring a sizeable amount of foreign exchange, only overseas Pakistanis continued to show their trust in economy of the country.

Pakistanis sent $6.5 billion during the last fiscal year 2007-08.

The monthly average remittances for the period July and August 2008 comes out to $609.76 million as compared to $492.60 million during the same corresponding period of the last fiscal year, registering an increase of 23.78 per cent.

During the month of August, Pakistani workers remitted an amount of $592.30 million, up $102.79 million or 21pc when compared with an amount of $489.51 million sent home in August 2007.

The amount of $1,219.51 million includes $0.06 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

The inflow of remittances into Pakistan from almost all countries of the world increased last month as compared to August 2007.

According to the break up, remittances from US, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UAE, UK and EU countries amounted to $151.45 million, $131.38 million, $101.39 million, $101.35 million, $32.78 million and $15.63 million, respectively, as compared to the corresponding receipts from the respective countries during August 2007, i.e. $137.34 million, $95.85 million, $72.58 million, $79.53 million, $43.31 million and $14.07 million.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during August 2008 amounted to $58.31 million as compared to $46.70 million during August 2007.