Pakistan received $3,623.40 million remittances from its overseas workers in the first seven months (July 2007-January 2008) of the current fiscal year, showing an increase of $664.05 million or 22.44 per cent over the same period of last year. The State Bank of Pakistan (SBP) said the monthly average of remittances for the period July-January 2007-08 came to $517.63 million compared to $422.76 million during the corresponding period of the last fiscal year, registering an increase of 22.44 per cent. The break-up showed that inflow of remittances in the July-January 2007-08 period from the US, Saudi Arabia, the UAE, Gulf Cooperation Council countries (including Bahrain, Kuwait, Qatar and Oman), the UK and EU countries amounted to $1,025.71 million, $663.67 million, $593.57 million, $539.88 million, $262.88 million and $103.18 million, respectively. These compared with $768.01 million, $552.53 million, $443.87 million, $407.36 million, $247.86 million and $85.61 million respectively in July-January 2006-07. Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries during the first seven months of the current fiscal year amounted to $432.80 million against $452.71 million in the same period last year. During January 2008, Pakistani workers remitted $557.07 million, up $165.74 million or 42.35 per cent from $391.33 million sent home in January 2007. The inflow of remittances into Pakistan from almost all countries of the world increased last month as compared to January 2007. According to the break-up, remittances from the US, Saudi Arabia, the UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), the UK and EU countries amounted to $151.50 million, $100.61 million, $93.24 million, $82.67 million, $35.65 million and $14.19 million respectively. In the corresponding month last year, receipts from the respective countries were $108.74 million, $69.21 million, $46.84 million, $48.78 million, $29.19 million and $10.72 million. Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries during January 2008 amounted to $78.62 million compared to $77.79 million during January 2007.
