July-March remittances rise by 15.78 per cent

 KARACHI: Overseas remittances registered an increase of $892.82 million to reach $6.55 billion during the first nine months of 2009/2010, as compared to $5.65 billion during the corresponding period last year.

The total remittances include $1.01 million received through encashment and profit earned on Foreign Exchange Bearer Certificates and Foreign Currency Bearer Certificates, according to the data released by the State Bank of Pakistan (SBP) on Saturday.

Import payment pressure pushes rupee down

Experts say SBP won’t intervene

Tuesday, January 05, 2010
By Saad Hasan

KARACHI: The rupee dropped to a new low of Rs84.65 on Monday, down 0.44 per cent from Saturday’s close of Rs84.25 as importers rushed to buy US dollar to make oil payments, dealers told The News.

The weighted average at which commercial banks bought and sold the dollar was Rs84.33 and Rs84.52 respectively, the State Bank of Pakistan (SBP) said. Average exchange rate on Saturday was Rs84.20 and Rs84.39.

Overseas remittances to Pakistan surge 30pc: Tarin

KARACHI: Federal Minister for Finance Shaukat Tarin has said that the trend of remittances received in last five months of current fiscal year showed an increase of around 30 per cent over the similar period in the last fiscal year.
 
Addressing an MoU signing ceremony between Pakistan Remittance Initiative (PRI)  and Pakistan International Airlines (PIA) at the State Bank of Pakistan on Wednesday, Tarin urged overseas Pakistanis to ensure that they are transferring their money through official channels into Pakistan.