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Record $602 million remittances received in March
RECORDER REPORT
KARACHI (April 17 2008): The country received a record $602.21 million from overseas Pakistanis during March 2008, against $520.24 million during the same month of last year, depicting a rise of $81.97 million, or 15.76 percent. The previous highest amount remitted in a single month by Pakistani workers was $580.24 million in October 2007.
The inflow of remittances into Pakistan from almost all countries of the world rose last month as compared to March 2007. According to break-up, remittances from the USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $151.95 million, $120.11 million, $111.74 million, $85.44 million, $41.98 million and $15.01 million, respectively, as compared to the corresponding receipts from the respective countries during March 2007, ie $142.72 million, $92.69 million, $82.29 million, $70.43 million, $37.75 million and $12.88 million respectively.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during March 2008 amounted to $75.84 million as compared to $81.13 million during March 2007.
Remittances sent home by overseas Pakistanis continued to show rising trend as $4,728.37 million has been received in nine months (July 2007-March 2008) of the current fiscal year, showing an increase of $791.60 million, or 20.11 percent, over the same period of the last fiscal year.
The amount of $4,728.37 million includes $2.15 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs). The monthly average of remittances for the period July-March, 2007-08 comes out to $525.37 million as compared to $437.42 million during the same corresponding period of the last fiscal year, registering an increase of 20.11 percent.
The inflow of remittances in the July-March 2007-08 period from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,312.34 million, $881.95 million, $793.62 million, $704.27 million, $334.85 million and $131.13 million, respectively as compared to $1,034.69 million, $733.48 million, $595.98 million, $538.29 million, $319.25 million and $110.38 million, respectively in the July-March, 2006-07 period.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first nine months of the current fiscal year amounted to $568.06 million as against $602.80 million in the same period last year.
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