Pakistan receives $ 3.87 bln remittances, Forex reserves at $ 12.203 bln
Pakistan Times Business & Commerce Monitoring Desk

KARACHI: Pakistan has received $ 3.87 billion as workers remittances during last fiscal year 2003-2004, showing a rise of $ 27 million against the target of $ 3.6 billion.

According to State Bank of Pakistan here Thursday, this amount included $ 45.42 million, received through encashment and profit earned on foreign exchange bearer certificates and foreign currency bearer certificates.

The monthly average remittances for the period July 2003 to June 2004 are estimated at $ 322.34 million compared to $ 342.34 million during July 2002 to June 2003. Workers remitted $ 351.54 million during June 2004 as against $ 306 million in May 2004.

The inflow of remittances into Pakistan from all major countries of the world increased last month. Remittances from USA, UAE, Saudi Arabia, UK, Kuwait and Bahrain amounted to $ 125.02 million, $ 51.56 million, $49.69 million, $ 33.98 million, $ 17.04 million and $ 6.67 million respectively in June 2004.

In May 2004, remittances from the USA, UAE, Saudi Arabia, UK, Kuwait and Bahrain stood at $ 101.35 million, $ 45.61 million, $ 46.77 million, $ 26.81 million, $ 15.11 million and $ 6.17 million respectively.

Forex reserves at $ 12.203 bln

Pakistan's foreign exchange reserves have declined by $ 15 million to $ 12.203 billion on July 10, 2004.

According to State Bank of Pakistan here Thursday, forex reserves held by the Central Bank stood at about $ 10.385 billion while banks held $ 1.818 billion.●