Inshallah, at this rate we will have at least $6 billion for the year. A historic achievment for Pakistan. :k:
Remittances soar 23pc to $2.58bn
KARACHI: The remittances sent home by overseas Pakistanis continued to show a rising trend as $2,587.07 million was received in the first five months (July-November 2007) of the current fiscal 2007-08, showing an increase of $494.26 million or 23.62 per cent over the same period of the last fiscal year. The State Bank of Pakistan (SBP) said that the amount of $2,587.07 million included $0.97 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
The monthly average remittances for the period July-November, 2007 comes out to $517.41 million as compared to $418.56 million during the same corresponding period of the last fiscal year, registering an increase of 23.62 per cent. The inflow of remittances in the July-November, 2007 period from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $733.76 million, $481.81 million, $423.00 million, $380.00 million, $197.41 million and $76.09 million, respectively as compared to $533.46 million, $398.99 million, $318.12 million, $291.47 million, $180.10 million and $62.57 million, respectively in the July-November, 2006 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first five months of the current fiscal year 2007-08 amounted to $294.03 million as against $306.93 million in the same period last year.
During the last month (November 2007), Pakistani workers remitted an amount of $505.58 million, up $56.97 million or 12.70 per cent when compared with an amount of $448.61 million sent home in November 2006. The inflow of remittances into Pakistan from most of the countries of the world increased last month as compared to November, 2006. According to the break-up, remittances from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $142.95 million, $90.90 million, $88.18 million, $77.86 million, $32.91 million and $15.41 million, respectively as compared to the corresponding receipts from the respective countries during November 2006, i.e. $111.70 million, $80.79 million, $67.42 million, $59.86 million, $41.65 million and $14.26 million. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during November, 2007 amounted to $57.07 million as compared to $72.78 million during November, 2006.
