Pakistan: Remittances Surge by 22.44% to $3.623bn during Jul-Jan

Amount includes $1.71m received through encashment and profit earned on FEBCs and FCBCs

Staff Report

KARACHI: Pakistan received $3.623 billion as workers’ remittances in the first seven months of the current fiscal year, showing an increase of $664.05 million or 22.44 percent over the same period of the last fiscal year.

The amount includes $1.71 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs), the State Bank of Pakistan said here Saturday.

The inflow of remittances in the July-January period from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries stood at $1.025 billion, $663.67 million, $593.57 million, $539.88 million, $262.88 million and $103.18 million, respectively, as compared to $768.01 million, $552.53 million, $443.87 million, $407.36 million, $247.86 million and $85.61 million, respectively, in the July-January 2006-07 period.[Read more]