Overseas Pakistani workers' remittances registered highest ever increase in Pakistan's history when a record amount of $4.612 billion was remitted by them during July 2005 to June 2006 as against $4.168 billion during July 2004 to June 2005, according to State Bank of Pakistan figures. This showed an increase of $431.33 million or 10.35 per cent rise. The amount of $4,600.12 million included $12.09 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs). The second highest amount of $4.236 billion was remitted by overseas Pakistanis during the fiscal year July 2002 to June 2003. The inflow of remittances into Pakistan during July 2005 to June 2006 from the United States, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,242.49 million, $750.44 million, $716.30 million, $596.46 million, $438.65 million and $119.62 million respectively as compared to $1,294.08 million, $627.19 million, $712.61 million, $512.14 million, $371.86 million and $101.51 million during the corresponding period of the fiscal year of 2004-2005. Remittances received from Canada, Switzerland, Norway, Australia, Japan and other countries during the last fiscal year amounted to $724.07 million as compared to $532.90 million during July 2004 to June 2005. During June 2006, workers remitted $463.87 million as against $358.98 million registering an increase of $104.89 million or 29.22 per cent. The monthly average remittances for the period July 2005 to June 2006 was $383.34 million as compared to $347.40 million during July 2004 to June 2005 depicting an increase of $35.94 million or 10.35 per cent. The inflow of remittances into Pakistan from all countries of the world increased last month as compared to June 2005.
