KARACHI - The inflow of the workers' remittances received from the expatriates in the oil rich Arab countries amounted to 50 per cent of the total remittances received in nine months of this fiscal. From July-March FY08 the country had received 2.379 billion dollars as remittances from the Arab oildoms . In its profile of remittances, Ministry of Finance said that Pakistan had received a total of 4.728 billion dollars remittances from the Arab oildoms in nine months of this fiscal. Worth noting is that before 9/11 incidents, the inflow of remittances from the Arab oildoms had been far less than one billion dollars per annum. However, after 9/11 and its related developments the quantum of annual remittances from the Arab countries had risen to well over 2.5 billion dollars. In FY08 for the first time the inflow of remittances from Arab countries is being seen well above 3 billion dollars. The oil rich countries including Saudi Arabia, the UAE and the Gulf Cooperation Council Countries (Bahrain, Kuwait, Qatar, and Oman)  along with the United States accounted for more than three-fourth of the remittances in the same period. According to an official report, remittances grew by 27.0 percent amounting to $ 1.31 billion from the United States during the period under review. The United States continued to be the prime source of workers'remittances for Pakistan, as expatriates in the US contributed 27.7 percent ($1312.3 million) in first nine months of this fiscal. The inflow of remittances from Saudi Arabia, UAE, Bahrain, Kuwait, Qatar and Oman showed an impressive growth in nine months of this fiscal. Saudi Arabia remained the second major destination with inflow of $882.0 million remittances, 18.6 pc of total remittances from July-March 200-08. Economic experts are of the views that the growing better employment opportunities and new employees' benefit schemes/reforms introduced by the Saudi Arabian, UAE and GCC governments enabled the overseas workers/ residents in Arab Gulf to send huge and attractive amount to their homeland. Analysts said the increased inflow of remittances from Arab Gulf might stabilize the dwindling foreign exchange reserves, dollar-rupee parity and purchasing power of the family members of the expatriates. According to the breakup, from July to March, 2008, remittances grew by 33.1 percent and 31.0 percent from UAE and other GCC countries, amounting to $ 793.6 million and $ 704.2 million respectively. The United States continued to be the largest source of workers' remittances, accounting for 27.7% ($1312.3 million), followed by Saudi Arabia ($882.0 million or 18.6%), UAE ($793.6 million or 16.8%), other GCC countries ($704.2 million or 15.0%), UK ($334.8 million or 7.0%) and $427.1 million or 9.0% from rest of the world. The current calendar year (2008) has started on an encouraging note. The SBP has released the number pertaining to workers' remittances for the first nine (July-March) of the fiscal year 2007-08. Workers' remittances amounted to $ 602.2 million in March, 2008 - up by 15.7 percent over the corresponding month of last year as well as the highest ever monthly inflows. The surge in remittances, as witnessed in the past few years appears to reflect the growing confidence of expatriate Pakistanis on the current and future prospects of the economy. During the first nine (July-March) of the current fiscal year, workers' remittances stood at $ 4728.3 million - up by 20.1 percent over the same period last year. Pakistan received almost $ 5.5 billion remittances in the last fiscal year (2006-07) - 19.4 percent more than previous year. It has set a target of $ 6.2 billion for the current fiscal year. An increase of 20.1% in the first nine months of the current fiscal year suggests that the remittances target is most likely to be achieved.