By Farhan Sharif
Nov. 11 (Bloomberg) -- Remittances from Pakistanis living overseas rose to $758.3 million in October as workers sent more money home from the United Arab Emirates, United States and Saudi Arabia.
Transfers of funds rose by $292.2 million, or 63 percent, in the fourth month of the fiscal year that began July 1, the Karachi-based State Bank of Pakistan said today in an e-mailed statement. Remittances in the four month period ended Oct. 31 rose 32 percent to $3.1 billion.
Workers in the Emirates transferred $175.2 million, up from $75.9 million a year earlier. Pakistanis in Saudi Arabia sent home $142.9 million, up from $96.8 million, and Pakistanis in the U.S. transferred $154.3 million, compared with $127.3 million.
Remittances from overseas Pakistanis rose to a record $7.81 billion in the year ended June 30, according to the central bank. The government is appealing to its 8 million expatriates to help resuscitate an economy that has slumped after a seven-year boom.
To contact the reporter on this story: Farhan Sharif in Karachi, Pakistan fsharif2@bloomberg.net.
Last Updated: November 11, 2009 07:38 EST
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