Economic Outlook Report reveals a 21.6% decline in remittances
According to the Economic Outlook report, remittances in
Pakistan have seen a significant decrease of 21.6%, with the figure now
standing at $4.1 billion for the first two months of FY2024, as reported by ARY
News.
The Finance Ministry has released the economic outlook
report, highlighting declines in remittances, exports, and imports within the
country.
The report states that Pakistan's imports have plummeted by
26% in the first two months of FY24, while the country's exports have dipped by
8.3% to reach $4.5 billion.
SBP
introduces incentives to attract more remittances
Pakistan's total liquid foreign reserves have now reached
$13.18 billion, with the central bank holding $7,636.7 million.
A statement from the State Bank of Pakistan (SBP)
spokesperson on Thursday disclosed that SBP's reserves witnessed a $59 million
decline to $7,636.7 million, mainly due to debt repayments during the week
ending on September 22, 2023.
In the meantime, commercial banks in the country hold net
foreign reserves amounting to $5,525.1 million, as per the report.
The previous week's figures, concluding on September 15,
2023, showed that Pakistan's total liquid foreign reserves were $13.186 billion.
Among these, foreign reserves held by the central bank were $7.695 billion,
with net foreign reserves held by commercial banks standing at $5.491 billion.
Source: ARY News