BY MUZAFFAR RIZVI 2 June 2007
DUBAI — Pakistan is set to close fiscal year 2006-07 in June with record remittances as its expatriates in the GCC states sent 30.48 per cent more foreign exchange back to their homes during July-April 2007 period.
The inflow of remittances from the GCC states exceeded the $2 billion mark for the first time after September 11 attacks and amounted to $2.11 billion in the first 10-month of financial year 2006-07, compared to $1.6 billion in the corresponding period of last year.
Pakistanis in Saudi Arabia and UAE stayed on top of the list by sending almost $828 million and $674 million remittances respectively. However, Pak expatriates in other GCC countries — Kuwait, Qatar, Oman and Bahrain — sent $610 million remittances during July-April 2007 as against $477 million in the same period last year, reflecting growth of 27.7 per cent.
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