Remittances top $ 3.3 b mark by end August

Tuesday, 25 October 2011 02:08 - - {{hitsCtrl.values.hits}}

Foreign remittances had topped the US$ 3.3 billion mark in the first eight months of this year, reflecting a healthy 27.2% growth over the corresponding period of last year.

In August inflows amounted to $ 458.5 million up by 38% over a year earlier as well as from $ 415.4 million in July. In 2010 the country’s total remittances received amounted to $ 4.1 billion up by 23.6% over 2009.

The Central Bank said gross official reserves, excluding Asian Clearing Union (ACU) balances, increased to $ 8,051 million by end August 2011 from $ 6,610 million by end 2010. It added that the improved macroeconomic environment, relaxation of exchange control regulations to attract foreign capital to the private sector and inflows to the Government for infrastructure development projects contributed towards strengthening the country’s external reserve position to this level.

Total external reserves, which include gross official reserves and foreign assets of commercial banks, also increased to $ 9,293 million by end August 2011 from $ 8,034 million by end 2010.

In terms of months of imports, gross official reserves and total external reserves by end August 2011 were equivalent to 5.4 months and 6.3 months, respectively.