State Bank of Pakistan (SBP) Governor, Dr. Reza Baqir, said that Pakistan is entering the third wave of coronavirus with strong economic indicators.
He made these comments on Monday while addressing an event held at the Pakistan Stock Exchange (PSX). He appreciated the role of Overseas Pakistanis for their role in maintaining the growth in remittances.
He said, “We have to thank Overseas Pakistan for the unparalleled growth we are seeing in our remittances.”
According to the latest figures released by the State Bank of Pakistan (SBP), remittances rose to $2.7 billion in March 2021. This is 20 percent higher than remittances recorded for February 2021 and 43 percent higher than March 2020.
Cumulatively, remittances have risen to $21.5 billion from July to March of the fiscal year 2021. This is 26 percent higher than the same period of FY20.
Baqir also highlighted that the latest Large Scale Manufacturing Index showed a 9 percent growth in January 2021. The cement sales both locally and in exports also showed a growth of 44 percent in March 2021, the SBP governor informed.
He also said that employment in the informal sector is much higher currently compared to a year ago. In the auto sector, the sale of passenger cars grew 35 percent year on year in February, he said.
SBP Governor said that Pakistan has returned to the global capital market by issuing Eurobonds.
The Governor said that the central bank’s FMCG index, which is a good indicator of demand shows the growth in the second quarter of this fiscal year of 17.8 percent in nominal terms, and in real terms that growth comes to 8.7 percent in the second quarter.