Overseas Workers Remittances
Overseas Pakistanis workers’ remittances are the second largest source of foreign exchange to Pakistan after exports of the country. Over the last few years, the foreign exchange remittances have maintained a steady rising trend. During 2008-09, the remittances received from overseas Pakistani workers increased by 21.08% i.e.from US$ 6,451.24 million during 2007-08 to US$ 7,811.43 million during the year 2008-09. All possible efforts are being made to boost up the remittances through normal banking channels
The year-wise total foreignexchange sent to
country by the workers during the last 6 years
(Provisional)
(Million US Dollars)
Country
|
2003-04
|
2004-05
|
2005-06
|
2006-07
|
2007-08
|
2008-09
|
I. Cash
|
3,826.16
|
4,152.29
|
4,588.03
|
5,490.97
|
6,448.84
|
7,810.95
|
1. USA
|
1,225.09
|
1,294.08
|
1,242.49
|
1,459.64
|
1,762.03
|
1,735.87
|
2. U.K.
|
333.94
|
371.86
|
438.65
|
430.04
|
458.87
|
605.59
|
3. Saudi Arabia
|
565.29
|
627.19
|
750.44
|
1,023.56
|
1,251.32
|
1,559.56
|
4. UAE
|
597.48
|
712.61
|
716.30
|
866.49
|
1,090.30
|
1,688.59
|
Dubai
|
447.49
|
532.93
|
540.24
|
635.60
|
761.24
|
970.42
|
Abu Dhabi
|
114.92
|
152.51
|
147.89
|
200.40
|
298.80
|
669.40
|
Sharjah
|
34.61
|
26.17
|
26.87
|
28.86
|
28.58
|
47.84
|
Other
|
0.46
|
1.00
|
1.30
|
1.63
|
1.68
|
0.93
|
5. Other GCC Countries
|
451.54
|
512.14
|
596.46
|
757.33
|
983.39
|
1,202.65
|
Bahrain
|
80.55
|
91.22
|
100.57
|
136.28
|
140.51
|
153.27
|
Kuwait
|
177.01
|
214.78
|
246.75
|
288.71
|
384.58
|
432.05
|
Qatar
|
88.69
|
86.86
|
118.69
|
170.65
|
233.36
|
339.51
|
Oman
|
105.29
|
119.28
|
130.45
|
161.69
|
224.94
|
277.82
|
6. EU Countries
|
74.51
|
101.51
|
119.62
|
149.00
|
176.64
|
247.66
|
Germany
|
46.52
|
53.84
|
59.03
|
76.87
|
73.33
|
100.71
|
France
|
3.64
|
4.11
|
8.14
|
8.94
|
9.87
|
19.25
|
Netherlands
|
5.65
|
8.80
|
7.00
|
7.17
|
9.07
|
10.77
|
Spain
|
0.78
|
4.59
|
3.44
|
7.58
|
17.84
|
29.68
|
Italy
|
2.21
|
6.74
|
12.49
|
12.10
|
14.03
|
31.17
|
Greece
|
0.26
|
1.24
|
2.76
|
2.83
|
5.39
|
9.63
|
Sweden
|
2.06
|
2.75
|
3.60
|
3.69
|
5.36
|
4.93
|
Denmark
|
8.11
|
10.55
|
10.87
|
16.24
|
19.46
|
11.74
|
Ireland
|
1.26
|
3.31
|
6.70
|
5.59
|
15.72
|
24.37
|
Belgium
|
4.02
|
5.58
|
5.59
|
7.99
|
6.57
|
5.41
|
7. Norway
|
10.22
|
18.30
|
16.82
|
22.04
|
28.78
|
24.94
|
8. Switzerland
|
29.11
|
22.71
|
20.50
|
18.06
|
22.72
|
18.61
|
9. Australia
|
13.66
|
19.64
|
25.10
|
31.24
|
39.03
|
34.31
|
10. Canada
|
22.90
|
48.49
|
81.71
|
87.20
|
100.62
|
79.07
|
11. Japan
|
5.28
|
6.51
|
6.63
|
4.26
|
4.75
|
5.10
|
12. Other Countries
|
497.14
|
417.25
|
573.31
|
642.11
|
530.39
|
609.00
|
II. Encashment and Profit in Pak. Rs. Of Foreign Bearer Certificates (FEBCs) & Foreign Currency Bearer Certificates (FCBCs)
|
45.42
|
16.50
|
12.09
|
2.68
|
2.40
|
0.48
|
TOTAL (1+11)
|
3,871.58
|
4,168.79
|
4,600.12
|
5,493.65
|
6,451.24
|
7,811.43
|
% age Change
|
--8.62
|
+7.68
|
+10.35
|
+19.43
|
+17.43
|
+21.08
|
Source: State Bank of Pakistan.
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