Pakistan, on March 28, successfully paid its 11th instalment worth $143.75 million of Standby-Arrangement (SBA) to the IMF. The next IMF repayment of $391 million was due at the end of May. Meanwhile, overseas Pakistani workers have so far remitted $9.234 billion in the ongoing fiscal year, a growth of 7.47% year-on year, or $642 million.
Monthly average remittances for the first eight months of the fiscal year clocked in at $1.154 billion as compared to $1.074 billion during the corresponding period of the previous fiscal year. Overnight rates in the money market fell to 7% from Monday’s close of 9.4%.
Published in The Express Tribune, June 5th, 2013.
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