Economic outlook report shows 21.6% drop in remittances

ISLAMABAD: The Economic Outlook report showed that the remittances dropped by 21.6 percent and stood at $4.1 billion in two months of FY2024, ARY News reported.

The Finance Ministry issued the economic outlook report, which shows a drop in remittances, exports and imports of the country.

According to the report, Pakistan’s imports dropped by 26% in two months of FY24, and the country’s exports dropped by 8.3% to $4.5 billion. 

The total liquid foreign reserves of Pakistan reached US$ 13.18 billion while reserves held by the central bank stood at $7,636.7 million.

The State Bank of Pakistan (SBP) spokesperson said in a statement on Thursday that SBP’s reserves decreased by %59 million to $7,636.7 million on account of debt repayments during the week ended on September 22, 2023.

Meanwhile, net foreign reserves held by commercial banks stood at $5,525.1 million, it added.

Total liquid foreign reserves held by the country, in the previous week ending on September 15, 2023, were $13.186 billion.

Among them, foreign reserves held by the central bank were $7.695 billion while net foreign reserves held by commercial banks were $5.491 billion.