Workers’ remittances totaled $ 5.31 billion in the first ten months (July-April)
of the fiscal year as against $ 4.45 billion in the same period last year, depicting
an increase of 19.5 percent. If this trend is maintained workers’ remittances are
likely to touch $ 5.8 billion for the year – the highest ever in country’s history.
• Pakistan’s current account deficit further widened to $ 11.6 billion (6.8% of
GDP) in the first ten months (July-April) of the current fiscal year from 6.6 billion
(4.6% of GDP) in the same period last year. The deterioration in current account
deficit mainly emanated from the sharply widening trade deficit.
• Pakistan’s total foreign exchange reserves stood at $ 12,344 million at the end of
April 2008. However, October 2007 onward, draining of investment and rise in
the current account deficit led to a sharp decline in foreign exchange reserves of
country.
• Pakistan rupee after remaining stable for more than 4 years, lost significant
value against the US dollar, depreciating by 6.4% during July – April 2008.
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