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Remittances swell 170 percent in four months

KARACHI (November 17 2002) : The home remittances have shown a growth of 170 percent in the first four months of the current fiscal year while the remittances in October was more than double compared to the corresponding period last year.

These remittances during the first four months (July-October) of the current fiscal year amounted to $1.430 billion as against $528.98 million during the same period last year, depicting an increase of 170.46 percent.

The amount includes cash flows, encashment of FEBCs and FCBCs, Haj remittances and remittances from Iraq-Kuwait war victims.

Out of the total remittances of $1.430 billion received in the country during Jul-October 2002, workers' remittances contributed $1.303 billion as against $449.19 million during the corresponding period last year, showing an increase of 190.25 percent.

The total amount remitted in October 2002 was $377.18 million as compared to $185.35 million in October last year, posting an increase of 103.5 percent.

In September 2002, Pakistan received $335.09 million as workers' remittance as compared to $91.19 million in the same period last year, registering an increase of 267.46 percent.

In August 2002, the increase was 225.41 percent and July recorded a growth of 260.44 percent.

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