Worker remittances up 20% to $ 377 m

THE Central Bank said workers’ remittances increased by 20.1% to $377 million in January over that of 2010.

Gross official reserves continued to remain above the targeted level and stood at $6.7 billion by end February 2011 without Asian Clearing Union (ACU) balances.

Based on the previous 12-month average expenditure on imports of $1,167 million per month, the gross official reserves without ACU balances were equivalent to 5.8 months of imports.