Mobilise Foreign Reserves

As the fiscal year (FY) 2023/24 nears its end, two good news have made the headlines: Foreign currency reserves in mid-June 2024 have hit all-time high of Rs. 1,967.19 billion, an increment of 27.8 per cent from Rs. 1539.36 billion in mid-July 2023, and moderation of inflation to 4.2 per cent from 6.8 per cent a year ago. The reserves can cover the import of goods and services for one-and-a half years. The growth in the reserves also marks the solid growth in remittance as a result of burgeoning youth exodus for better paying jobs abroad.