By Shahid Iqbal
KARACHI: Overseas Pakistani workers sent record remittances in December helping the country to minimise its trade and current account deficits.
The State Bank on Tuesday reported an inflow of $673.5 million in December 2008, setting a new record of highest inflow in a month. Last record was of $660.35 million in September 2008.
The inflow of December was 40.5 per cent higher than the inflow during the same month of last year. In December 2007, the country received $479.26 million.
The half year (July-Dec 2008) inflows of remittances were 19 per cent higher than the corresponding period of last year, encouraging the market to improve their trust on strength of the rupee.
‘The inflow of remittances is one of the key reasons for strengthening of rupee-dollar parity which now looks settled around Rs79.80 per dollar after a massive depreciation of rupee by 23 per cent during 2008,’ said Atif Ahmed, a currency dealer. During the last six months, the country received $3.640 billion against $3.066 billion of the six months of the preceding year. The monthly average during this period reached $606.67 million which was 18.7 per cent higher than the average of six months of previous year.
The State Bank on Tuesday reported an inflow of $673.5 million in December 2008, setting a new record of highest inflow in a month. Last record was of $660.35 million in September 2008.
The inflow of December was 40.5 per cent higher than the inflow during the same month of last year. In December 2007, the country received $479.26 million.
The half year (July-Dec 2008) inflows of remittances were 19 per cent higher than the corresponding period of last year, encouraging the market to improve their trust on strength of the rupee.
‘The inflow of remittances is one of the key reasons for strengthening of rupee-dollar parity which now looks settled around Rs79.80 per dollar after a massive depreciation of rupee by 23 per cent during 2008,’ said Atif Ahmed, a currency dealer. During the last six months, the country received $3.640 billion against $3.066 billion of the six months of the preceding year. The monthly average during this period reached $606.67 million which was 18.7 per cent higher than the average of six months of previous year.
For more on this article, please click on the following link: Remittances up, capital outflow halts: Dawn
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