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Pakistan reserves increase to $16,417.3m as country records highest ever remittances

Some top businessmen have estimated a higher GDP growth rate than the predicted estimate of 3.94%. Amid new positive economic developments, can those estimates prove right?

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Pakistan’s foreign exchange reserves increase $2 million to $16,417.3 million in the week ending June 11, compared to $16,414.9 million in the previous week, central bank said on Thursday.

Reserves ($ billions) Week ending June 11 Previous week Change/pct
Held by the State Bank of Pakistan $16,417.3 mln $16,414.9 mln 0.01
Held by commercial banks $7,169.2 mln $7,163.0 mln 0.08
Total $23,586.5 mln $23,577.9 mln 0.03

 

During the week ending June 11, State Bank reserves increase by 2 million, the central bank said on Thursday.

Pakistan’s foreign remittances

Special Assistant to the Prime Minister on Political Communication Dr Shahbaz Gill on Thursday appreciated the foreign expatriates who sent foreign remittances to the country which have now reached $29.1 billion from $21.7 billion last year, exhibiting 34 per cent increase.

In a statement issued here, he said besides tremendous increase in foreign remittances, it is for the first time in country history that Federal Bureau of Revenue (FBR) had amassed record Rs 4,100 billion as tax revenue.

Read more: Pakistan’s liquid foreign reserves reach at 23.29 billion

Moreover, he said because of tremendous financial policies of the government, the Gross Domestic Product (GDP) has also registered 3.94 per cent growth during current financial year and added in case foreign remittances are included the Gross National Product (GNP) can register 6.5 per cent mark.

“Another achievement registered during present government regime that Pakistan Stock Exchange (PSE) has crossed level of 48,000 points in 54 months,” he added.

PM thanks overseas Pakistanis

The Prime Minister of Pakistan Imran Khan took to Twitter to thank the Overseas Pakistani community for their love and support as the remittances again see an increase according to the State Bank of Pakistan figures.

According to the State Bank of Pakistan’s statement today, the remittances rose to $2.7 billion in March 2021. It is an increase of 20 percent than February 2021, and 43 percent higher than March 2020.

Read more: Foreign investment in government securities increases

The statement said that the cumulative increase in the remittances sent is 26 percent for the 9MFY21 compared to the same period of 9MFY20. The remittances during the current fiscal year till date are recorded to be $21.5 billion.

Reuters with additional input by GVS News Desk

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