KARACHI, June 16: Overseas Pakistanis remitted about $6 billion during the first eleven months (July-May) of the current fiscal year, showing an increase of 18.3 per cent over the same period last year.

The State Bank of Pakistan on Monday reported that remittances surged by $915.7 million at $5.903 billion during the period under review.

The monthly average remittances for the period came to $536.71 million as compared to $453.46 million in the corresponding period last year.

Pakistani workers remitted $584.75 million in May 2008, up $46.77 million or 8.69 per cent over $537.98 million sent in May 2007.

The total remittances also included $2.36 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

The USA topped with $1,618.46 million remittances during the period under review followed by Saudi Arabia ($1,127.65 million), UAE ($1,002.01 million), GCC countries including Bahrain, Kuwait, Qatar and Oman ($892.41 million), UK $420.79 million and EU countries $162.66 million.

The country is expected to receive a total of $6.5 billion remittances by the end of the fiscal year on June 30, 2008 which will help it to meet the record current account deficit.