Remittances are equal to SBP reserves
(Sanober Ismail, karachi)
Remittances sent by Pakistani
who are now settled and doing job in other countries of the world as rose to 3.9
billion in the first quarter of this fiscal year. Now the value of remittances
is equal to foreign exchange reserves that are held in State Bank of Pakistan as
reported.
The cruel situation of foreign exchange reserves has made remittances inflow
very critical for shoring up foreign exchange reserves.
Total liquid foreign reserves held by the country are $ 9,127.6 million. Foreign
exchange held by SBP is $ 3,953.6 million while net foreign reserves by bank
other than SBP (commercial banks) stood at $ 5,174.0 million.
State Bank reported that remittances for first quarter of this fiscal year
increased by 9.14pc to $ 3.927 billion. The monthly average also rose to $ 1.309
billion, while it was $ 1.199 billion during first quarter of the last year.
Currency experts have a view that new development in US may devaluate of dollar
in global market.