Remittances Rise Over 22 PCT In September

KARACHI: Pakistani workers remitted a record amount of $806.12 million in September, 2009 as against $660.35 million in the same month of the last fiscal year, showing a jump of $145.77 million or 22.07%, central bank said.

According to a State Bank statement, the amount of $806.12 million includes $0.08 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

This is the third consecutive record amount remitted in a single month during the current 2009-10 fiscal year. The previous highest amount remitted in a single month by Pakistani workers was recorded in August, 2009, when an amount of $780.53 million was received in the country.

During the first quarter (July-Sept.) of FY10, an amount of $2.332 billion was sent home by overseas Pakistanis, showing an impressive 24 percent rise when compared with $1.880 billion received in the same period last year. The amount of $2.332 billion includes $0.74 million received through encashment and profit earned on FEBCs and FCBCs. The monthly average of remittances in the first quarter of FY10 remained at $777.17 million, up 24 percent from $626.62 million in the same quarter last year.

It may be pointed out that the State Bank, Ministry of Finance and Ministry of Overseas Pakistanis had undertaken a joint initiative called Pakistan Remittance Initiative recently with a view to facilitating the flow of remittances through formal channels.

Tags: 22 PCT, Business News, Remittances, Rise Over, September