KARACHI - Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $3,089.77 million was received in the first four months (July-October), showing an increase of $743.78 million or 31.70 per cent over the same period of the last fiscal year. The amount of $3,089.77 million includes $0.87 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs). In Oct 2009, an amount of $758.29 million was sent home by overseas Pakistanis, up 62.68 percent or $292.16 million, when compared with $466.13 million received in the same month last year. The inflow of remittances in the July-October, 2009 period from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $679.23 million, $653.06 million, $573.60 million, $435.23 million, $315.82 million and $102.22 million respectively as compared to $388.09 million, $626.93 million, $494.80 million, $395.47 million, $149.77 million and $65.15 million respectively in the July-October, 2008 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first four months of the current fiscal year amounted to $329.74 million as against $225.62 million in the same period last year. The monthly average remittances for the July-October 2009 period comes out to $772.45 million as compared to $586.50 million during the same corresponding period of the last fiscal year, registering an increase of 31.71 percent. During last month i.e. October 2009 remittances from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $175.22 million, $154.30 million, $142.85 million, $111.36 million, $80.74m and $23.95 million respectively as compared to $75.91 million, $127.28m, $96.78m, $80.10 million, $31.20m and $13.37m in October 2008. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during October 2009 amounted to $69.72m compared with $41.44m in the same month last year. 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.