KARACHI - Pakistani workers remitted a record amount of $780.53 million in August 2009 as against $592.30 million in the same month of the last fiscal year (August 2008); showing a jump of $188.23 million or 31.78 per cent. The amount of $780.53 million includes $0.52 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs). This is the second consecutive record amount remitted in a single month during the current 2009-10 fiscal year (FY10). The previous highest amount remitted in a single month by Pakistani workers was recorded in July, 2009, when an amount of $744.85 million was received in the country. It may be pointed out that the State Bank, Ministry of Finance and Ministry of Overseas Pakistanis had undertaken a joint initiative called 'Pakistan Remittance Initiative (PRI) recently with a view to facilitating the flow of remittances through formal channels. This initiative has started to materialize and remittances through formal channels are showing considerable growth. During the first two months (July-August) of FY10, an amount of $1.525 billion was sent home by overseas Pakistanis, showing an impressive 25 percent rise when compared with $1.219 billion received in the same period last year. The amount of $1.525 billion includes $0.66 million received through encashment and profit earned on FEBCs and FCBCs. The monthly average remittances for the period July-August of FY10 comes out to $762.69 million as compared to $609.76 million during the same corresponding period of the last fiscal year, registering an increase of 25 percent. The inflow of remittances in the July-August, 2009 period from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $324.17 million, $316.94 million, $296.44 million, $211.48 million, $148.49 million and $52.12 million respectively as compared to $201.45 million, $319.84 million, $264.64 million, $206.70 million, $74.82 million and $32.70 million respectively in the July?August, 2008 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first two months of FY10 amounted to $175.08 million as against $119.30 million in the same period last year. The inflow of remittances into Pakistan from almost all countries of the world increased last month as compared to August, 2008. According to the break up, remittances from USA, UAE, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $166.81 million, $164.85 million, $145.27 million, $103.85 million, $77.26 million and $26.08 million, respectively as compared to the corresponding receipts from the respective countries during August 2008, i.e. $151.45 million, $101.35 million, $131.38 million, $101.39 million, $32.78 million and $15.63 million. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during August, 2009 amounted to $95.89 million as compared to $58.31m during August, 2008.