Pakistan's Major Financials

Pakistani workers remit record $602m in March

Pakistani workers remitted a record amount of $602.21 million in March, 2008 against $520.24 million in the same month of the last year, showing a jump of $81.97 million or 15.76 per cent.The previous highest amount remitted in a single month by Pakistani workers was recorded in October 2007, when an amount of $580.24 million was received in the country.The inflow of remittances into Pakistan from almost all countries of the world increased last month, as compared to March 2007. 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 $151.95 million, $120.11 million, $111.74 million, $85.44 million, $41.98 million and $15.01 million respectively. While the corresponding receipts from the respective countries during March 2007, were $142.72 million, $92.69 million, $82.29 million, $70.43 million, $37.75 million and $12.88 million. 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 continues to show a rising trend, as an amount of $4,728.37 million was received in the first nine months i.e., July 2007-March 2008 of the current fiscal year, showing an increase of $791.60 million or 20.11 per cent over the same period of the last fiscal year. The amount of $4,728.37 million includes $2.15 million received through encashment, 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 per cent.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 opposed to the inflow in the July-March, 2006-07 period which was $1,034.69 million, $733.48 million, $595.98 million, $538.29 million, $319.25 million and $110.38 million, respectively. 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.