The Ministry of Finance said on Friday that Pakistan’s remittances rose 9.3% in the first four months of the fiscal year, according to an official report.
According to details surfaced that the inflow reached $11.85 billion from July to October. Exports recorded $10.6 billion in the four-month period, a 2% rise. Imports reached $20.7 billion after a 9.6% increase.
The current account deficit exceeded $730 million from July to October. Direct foreign investment fell 26% to 747.7 million dollars.
The greenback became Rs2.60 costlier compared with last year. The rate stood at Rs280.60 on November 27, while the rate in the same period last year was Rs278, the report said.
Tax revenue rose 11.4% to Rs3,834 billion during July to October. Non-tax revenue fell 0.4% to Rs3,008 billion. The budget recorded a deficit of Rs2,119 billion, while the primary balance exceeded Rs3,497 billion, according to the Ministry of Finance.
Agriculture received Rs845 billion in loans in the four-month period. Agricultural lending showed an 18.6% rise compared with last year. However, credit supply to the private sector showed a marked decline, the report stated.
Large-scale manufacturing recorded a 4.08% rise in output from July to September.
