Lower current account surplus emanating from increased imports and lower remittance inflows were the principal contributing factors to the current balance of payments situation. Consequently, the gross foreign exchange reserves of the banking system surged by 17 percent to $ 10.31 billion as on mid-May 2017.
Based on the trend of imports of the first ten months of the current fiscal year, the existing level of reserves is sufficient for financing merchandise imports of more than 13.2 months and merchandise and service imports of more than 11.4 months. Fellow Governors and Distinguished Delegates, 8. Monetary aggregates are within the expected level in the current fiscal year.