Karachi, Oct 17: Workers remittances increased by over 23 per cent during the first quarter of the current fiscal which may bring the inflows close to the target of $6 billion by end of the current fiscal.

The State Bank figures showed that remittances in September 2006 also recorded a growth of 23 per cent compared to the same month last year.

The country received $1,233.59 million as workers’ remittances during July-September as against $1,002.65 million in the corresponding period of the last fiscal year, showing an increase of $230.94 million or 23.03 per cent.

It includes $0.98 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

During September 2006 overseas Pakistanis remitted $421.74 million as against $341.10 million in September 2005, an increase of $80.64 million or 23.64 per cent.

The inflow of remittances during the quarter from USA amounted to $311.87 million, Saudi Arabia $242.79 million, UAE $190.82 million, GCC countries (including Bahrain, Kuwait, Qatar and Oman) $173.47 million, UK $102.23 million and EU countries $36.43 million.

Remittances received from Canada, Australia, Norway, Switzerland, Japan and other countries amounted to $175.00 million as compared to $128.51 million the same period last year.This rising remittances would help the government to face the widening trade and current account deficits. The government is desperately in need of raising foreign exchange to meet the gap between export and import.

The import rose with the rate of 30 per cent while the exports could hardly increased by 2.8 per cent during the first quarter of 2006-07.

The inflow of remittances into Pakistan from almost all countries of the world increased in September 2006 as compared to September 2005.