Worker remittances exceed $ 5 b

Worker remittances inflow in 2011 crossed the $ 5 billion mark, reflecting a 25% increase over 2010.

The Central Bank said cumulative inflows on account of workers’ remittances grew by 25% to $ 5,145 million in 2011. In 2010 it rose by 23.6% to $ 4.1 billion.

Central Bank in its roadmap for 2012 and beyond revealed a worker remittances forecast of $ 6.5 billion (9.85% of GDP) for this year.

Tourist arrivals in 2011 increased by 30.8% to 855,975 while earnings from tourism grew at a healthy rate of 44.2%, reaching $ 830 million. By end December 2011, gross official reserves, excluding Asian Clearing Union (ACU) balances, amounted to $ 5,958 million.

Further, by end December 2011 total external reserves, which includes gross official reserves and foreign assets of commercial banks, amounted to $ 7,199 million.

In terms of months of imports, gross official reserves and total external reserves by end December 2011 were equivalent to 3.5 months and 4.3 months, respectively.