1H worker remittances top US$ 2.5 billion mark

Worker remittances in the first half of this year had topped the $ 2.5 billion mark, reflecting a 26.4% growth over the corresponding period of 2010, the Central Bank said.

In June 2011, workers’ remittances rose by 17.3% to $ 404 million bringing the total in the first six months to % 2,506 million. The June figure however was partly lower in comparison to $ 414 million received in May.        

The Central Bank also said earnings from tourism grew at a healthy rate of 50.9% to $370 million during the first six months of the year while total foreign inflows to the government during the same period amounted to approximately $1.4 billion.

As per the provisional estimates, gross official reserves, without Asian Clearing Union (ACU) balances, increased significantly to $8.1 billion by end July 2011, mainly due to the receipt of proceeds of the fourth International Sovereign Bond of $1 billion. Based on the previous 12-month, average expenditure on imports of $1,398 million per month, the gross official reserves without ACU balances were equivalent to 5.8 months of imports.