Workers' remittances during the last fiscal year touched 4.169 billion dollars as against 3.868 billion dollars in the corresponding period last year. The State Bank of Pakistan (SBP) said on Saturday that Pakistan received 4.169 billion dollars as workers' remittances during fiscal 2004-05 as against 3.868 billion dollars in the same period last year, registering an increase of 301 million dollars or 7.7 percent.
This is the second highest amount of workers' remittances received in the country.
Overseas Pakistanis during the fiscal 2002-03 had remitted the highest amount of 4.23 billion dollars.
The amount of 4.169 billion dollars includes 16.50 million dollars received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearers Certificates (FCBCs).
During the last month (June 2005), workers remitted 358.98 million dollars as against 351.54 million dollars in June 2004, registering an increase of 744 million dollars or 2.12 percent.
The monthly average remittances for the fiscal 2004-05 was 347 million dollars as compared to 322.34 million dollars in the same period last year, depicting an increase of 25.06 million dollars or 7.7 percent.
The inflow of remittances into Pakistan during June 2005 from the US, United Arab Emirates (UAE), Saudi Arabia, and the European Union (EU) countries amounted to 109.15 million dollars, 60.50 million dollars, 59.65 million dollars, 40.29 million dollars, 33.65 million dollars and 9.25 million dollars, respectively as compared to 125.02 million dollars, 51.56 million dollars, 49.69 million dollars, 40.14 million dollars, 33.98 million dollars and 7.98 million dollars in the same period last year. Remittances received from Canada, Switzerland, Australia, Norway, Japan and other countries during the last month (June 2005) amounted to 45.14 million dollars.