July-May remittances reach record high

The remittances from overseas Pakistanis' reached a record level of $4.988 billion during eleven months (July-May) of the current fiscal year (2006-07) showing an increase of $851.85 million, or 20.59 percent, over $4.136 billion of the corresponding period of last fiscal year (2005-06).
This amount, of $4,988.10 million, includes $2.57 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
According to data released by the State Bank of Pakistan, during May 2007, Pakistani workers remitted the highest so far amount of $537.98 million in a single month, against $506.57 million remitted in May, 2006, depicting an increase of $31.41 million, or 6.20 percent.
The previous highest amount remitted in a single month was $520.24 million in March 2007. The remittances respectively from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,319.47 million, $927.09 million, $771.10 million, $689.17 million, $392.59 million and $136.53 million, as compared to $1,119.34 million, $670.93 million, $635.54 million, $537.39 million, $400.00 million and $109.92 million in the same period of last fiscal year.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries amounted to $749.58 million as compared to $652.03 million in the corresponding period of last fiscal year, showing an increase of $97.55 million, or 14.96 percent.
The monthly average of remittances for the period July-May 2007 comes to $453.46 million as compared to $376.02 million during the same period of last fiscal year, registering an increase of 20.59 percent. The inflow of remittances from most of the countries increased last month as compared to May, 2006.
According to breakup, remittances in May 2007 from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $143.35 million, $99.49 million, $97.59 million, $79.29 million, $37.99 million and $13.45 million, respectively as compared to the corresponding receipts from the respective countries during May, 2006 ie $124.56 million, $86.29 million, $79.70 million, $60.09 million, $53.60 million and $12.86 million.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during May, 2007 amounted to $66.49 million as compared to $89.18 million during May, 2006.