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Remittances up by 24.6% in 1QFY12

Karachi: The Worker’s remittance of the country transferred USD 3.297bn in the 1QFY12 against USD 2.646bn in the corresponding period, showing a massive growth of 24.6% YoY (up by USD 650.9mn).

According to Alfalah Securities Limited, however, inflow of remittances mainly contributed by Saudi Arabia, UAE, USA, UK, GCC and EU countries, observed a decline of 3.43% on MoM basis as the inflows in September 2012 stood at USD 890.42mn against USD 922.06mn in the same period last year. A high inflow in worker’s remittance are expected to keep the foreign exchange reserves at a stable point however, total imports of the country remaining on the higher side would lead foreign exchange reserves to fall drastically.

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