KARACHI, July 10: Overseas Pakistanis sent record $13 billion remittances during the just ended fiscal year, said the State Bank on Tuesday.

The overseas workers remitted a record amount of $13.186 billion, showing growth of 17.73 per cent compared with $ 11.200 billion received during the preceding fiscal year (2010-11).

Except for September and November when $890.42 million and $924.92 million respectively were received, Pakistani workers remitted more than $1 billion during 10 months of the fiscal year.

The State Bank said that remittances received from all the countries showed substantial growth during the last fiscal year and almost all of this growth was through banking channels.

The monthly average remittances for July-June 2012 period were $1.098 billion as compared with $933.41 million during the preceding fiscal year, registering an increase of 17.73 per cent.

In June, Pakistanis sent home $1.117 billion as compared to $1.104 billion received in the same month of 2010-11.

The record remittances of $13.2 billion have substantially defused impact of current account deficit which may be around or above $4 billion for the current fiscal year.

However, the trade gap which could be over $20 billion is far more than the remittance received by the country.

The huge trade deficit was the real reason for current account deficit which could be a threat to economy facing depleting foreign exchange reserves.