ISLAMABAD: Despite challenges at domestic and international front, economy of the country maintained stability as suggested by major economic indicators including foreign exchange reserves, workers remittances, inflation and industrial growth.
The overseas workers remittances have reached to US$ 6.325 billion during the first half of current fiscal year (July- December), showing an increase of 19.54 per cent as compared to the same period in the previous year, according to figures of State Bank of Pakistan.
The SBP reported that Pakistan received 25 percent more remittances in December as compared to same month in previous year by increasing from US$ 863 million last December to US$ 1.085 billion during December 2011.
The Foreign Exchange Reserves of the country also stayed at over 16 billion. According to SBP figures, released last week Pakistan's foreign exchange reserves rose to US$ 16.85 billion in the week ending December 30, compared with US$ 16.77 billion the previous week, according to central bank.
Reserves held by the State Bank of Pakistan (SBP) were flat at US$ 12.81 billion, unchanged from the previous week, while those held by commercial banks rose to US$ 4.04 billion, compared with US$ 3.96 billion the previous week.
The Large Scale Manufacturing (LSM) output also increased by 2.07 percent during the first five months (July- October) of the current year as against the same period of last year.
According to data provided by Pakistan Bureau of Statistics, the indices of Oil Companies Advisory Committee and Provincial Bureaus of Statistics witnessed increase of 0.41 percent and 2.15 percent growth.
The exports also witnessed increase of 3.90 percent during the first half of the current fiscal year showing an increase from $10.815 billion during July-December (2010-11) to $ 11.237 during the corresponding period of current fiscal year.
However, the overall trade deficit of the country witnessed increase of 38.48 percent during the period.
It is pertinent to mention here that the economic managers of the country also held meeting with political leadership here on Thursday under the Chairmanship of Federal Minister for Finance, Dr Hafeez Sheikh to take stock of the overall economic situation.
The meeting was attended among others by Secretary Finance, Waqar Masood, Chairman Federal Bureau of Revenue, Dr Salman Sadiq Secretary Pakistan Bureau of Statistics, Sohail Ahmad and political representatives.
Hafeez Sheikh said that the meeting was taking place at a time when half of the current fiscal year has passed adding that it was the right time to take stock of the situation and hold discussion on the overall situation in a candid manner.
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