Heavy debt repayments to the International Monetary Fund (IMF) have been putting a dent in the central bank’s reserves and putting pressure on the rupee. Pakistan, on March 28, successfully paid its 11th instalment worth $143.75 million of Standby Arrangement (SBA) to the IMF. Meanwhile, overseas Pakistani workers had 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 remained flat at 9.4%.
Published in The Express Tribune, June 18th, 2013.
Like Business on Facebook to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ