Remittances by overseas Pakistanis surge to $ 4.169 billion
Pakistan Times Business & Commerce Desk

KARACHI: The State Bank of Pakistan today announced that Pakistan has received an amount of US$ 4.169 billion as workers’ remittances for the fiscal year 2004-5 as against US$ 3.868 billion received during 2003-4 recording an increase of US$ 301 million or 7.77 percent.

The remittances are the second highest amount of workers’ remittances received in the country.

The highest amount of $4.23 billion was remitted by overseas Pakistanis during the fiscal year 2002-3.

The amount of $4.169 billion includes $16.50 million received through encashment and profit earned on Foreign Exchange Bearer Certificates and Foreign Currency Bearer Certificates.

During June 2005 workers remitted an amount of $358.98 million as against $351.54 million in June 2004 recording an increase of $7.44 million or 2.12 percent. The monthly average remittances for the period July 2004-June 2005 was $347.40 million as compared to $322.34 million during July 2003 to June 2004 depicting an increase of $25.06 million or 7.77 percent.

The inflow of remittances into Pakistan during June 2005 from USA, UAE, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Sultant-e-Oman), UK and EU countries amounted to $109.15 million, $60.50 million, $59.65 million, $40.29 million, $33.65 million and 9.25 million respectively as compared to $125.02 million, $51.56 million, $49.69 million, $40.14 million, $33.98 million and $7.98 million in June 2004.

Remittances from Canada, Switzerland, Australia, Norway, Japan and other countries during June 2005 amounted to $45.14 million.●