KARACHI: Overseas remittances registered an increase of $892.82 million to reach $6.55 billion during the first nine months of 2009/2010, as compared to $5.65 billion during the corresponding period last year.
The total remittances include $1.01 million received through encashment and profit earned on Foreign Exchange Bearer Certificates and Foreign Currency Bearer Certificates, according to the data released by the State Bank of Pakistan (SBP) on Saturday.
In March, the country received $763.72 million, which was 3.28 per cent, or $24.29 million higher as compared to the corresponding period, when it stood at $739.43 million.
The amount received during March is the third highest in the current fiscal year, followed by $806.12 million and $780.53 million received in September 2009 and August 2009, respectively, the data revealed.
The highest inflow of remittances during July-March 2009/10 was received from the UAE, $1,497.24 million, followed by Saudi Arabia, $1,342.77 million; US, $1,317.71 million; GCC countries, including Bahrain, Kuwait, Qatar and Oman, $932.83 million; UK, $660.97 million; and the EU countries remitted $189.57 million.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first nine months of the current fiscal year amounted to $608.75 million.
The central bank attributed rise in the remittances to Pakistan Remittance Initiatives, jointly initiated by the State Bank, finance and overseas Pakistanis ministries.
"This initiative has started to materialise and remittances through formal channels are showing considerable growth," the central bank said.
Source The News
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