Pakistan saw a 19.53% increase in its remittance from July to April of the current fiscal year. The amount of remittance rose from $868.96 million to $5.319 billion. The State Bank of Pakistan said that remittances sent home by Pakistani overseas workers showed a rising trend. Out of the amount received, $2.20 million was earned through encashment and Foreign Exchange Bearer Certificates (FEBCS) and Foreign Currency Bearer Certificates (FCBCS). On an average, the monthly amount in July-April period stood at $531.91 million compared to $445.01 million of last fiscal year.
Daily Times reports:
The inflow of remittances in the July-April, 2007-08 period from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,463.73 million, $1,001.71 million, $907.52 million, $795.18 million, $379.03 million and $147.65 million, respectively as compared to $1,176.12 million, $827.60 million, $673.51 million, $609.88 million, $354.60 million and $123.08 million, respectively in the July-April, 2006-07 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first ten months of the current fiscal year amounted to $622.06 million as against $683.09 million in the same period last year.
During the last month (April 2008), Pakistani workers remitted an amount of $590.71 million, up $77.36 million or 15.07 percent when compared with an amount of $513.35 million sent home in April 2007.
Remittance is a major economic support for many South Asian countries. Pakistan is the fifth major remittance receiving country in the world while India is the first and Bangladesh seventh.
Working in abroad is like a dream to many youth in Pakistan but the problem is there are lots of cheating and fraud. Every year, hundreds and thousands of people become victims of fraud recruiting agents. In addition, many workers go through illegal means. Only strict measures from Pakistan government can solve these problems and will ensure further increase in remittance.
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