The country’s foreign exchange reserves have crossed the historic level of $15 billion, said Governor State Bank of Pakistan, Dr Shamshad Akhtar in a press statement on Saturday. She said that the achievement of this record level of foreign exchange reserves has been made possible by the healthy growth in external flows during this fiscal year including foreign direct investment, home remittances, portfolio investment and the proceeds of the recent successful launch of Pakistan Euro Bonds in the international financial markets. The growth in foreign inflows reflects the confidence of foreign investors in the economy of Pakistan, the governor added. According to the break up, Pakistan’s foreign exchange reserves rose by $1.2428 billion to reach the landmark level of $15.0301 billion for the week ending June 9, 2007, as the country received $750 million for the bonds the government recently issued.
Reserves held by the State Bank of Pakistan increased by $1.0621 billion to $12,649.8 million, while those held by commercial banks increased by $180.7 million to $2,380.3million during the current week. During the current fiscal year 2006-07 Pakistan’s gross foreign exchange reserves rose by $1,893.2million over the 30th June 2006 closing of $13,136.9 million, the Governor’s statement said.
I remember reading in history book that after the fall of Baghdad Halaku khan ordered that a dinner is served to the ex-ruler of the Baghdad and when the ex-muslim ruler of the baghdad came into the dinning room he saw all the gold and currency and wealth spread in the room and nothing to eat..
Then Halaku Khan entered the room and said to that muslim ruler (i don't remember the name i m poor in memorising names)... that why didn't u distributed this among your country men so that they could have stood side by side with you and your army to defend their land.. why didn;t u distributed them among your army to get better defence equipment and to have more training and less worry for money... why didn;t u use this money to have more fortification for your land.... now can you eat this.?
I think i don't need to remind that *that ruler *had the most unfortunate death any ruler could have imagined... Halaku ordered his men that this man's blood should not touch the soil... and he was wrapped in a carpet and then killed in the most miserable way...
When we have the highest suicide rate, when we have the highest unsecurity in the country for the country men, i don't think this money can be any achievement... I wish we have rulers like Umer bin Abdul Aziz (RA) when people don't have to worry for their life, honor and wealth... when the ruler of the time tell his governor of a province that we are not meant to be tax collector and fill our coffins with the wealth of the common man but are there to provide the safety and services...
May Allah guide us All towards the right path and give us the right vision for this life and its importance...
I remember reading in history book that after the fall of Baghdad Halaku khan ordered that a dinner is served to the ex-ruler of the Baghdad and when the ex-muslim ruler of the baghdad came into the dinning room he saw all the gold and currency and wealth spread in the room and nothing to eat..
Then Halaku Khan entered the room and said to that muslim ruler (i don't remember the name i m poor in memorising names)... that why didn't u distributed this among your country men so that they could have stood side by side with you and your army to defend their land.. why didn;t u distributed them among your army to get better defence equipment and to have more training and less worry for money... why didn;t u use this money to have more fortification for your land.... now can you eat this.?
I think i don't need to remind that *that ruler *had the most unfortunate death any ruler could have imagined... Halaku ordered his men that this man's blood should not touch the soil... and he was wrapped in a carpet and then killed in the most miserable way...
When we have the highest suicide rate, when we have the highest unsecurity in the country for the country men, i don't think this money can be any achievement... I wish we have rulers like Umer bin Abdul Aziz (RA) when people don't have to worry for their life, honor and wealth... when the ruler of the time tell his governor of a province that we are not meant to be tax collector and fill our coffins with the wealth of the common man but are there to provide the safety and services...
May Allah guide us All towards the right path and give us the right vision for this life and its importance...
Well said Xcom, these kids raving about the foreign reserves don't even understand them, and don't even realise how it is due to 9/11,remittances, hundi, etc
I remember reading in history book that after the fall of Baghdad Halaku khan ordered that a dinner is served to the ex-ruler of the Baghdad and when the ex-muslim ruler of the baghdad came into the dinning room he saw all the gold and currency and wealth spread in the room and nothing to eat..
Then Halaku Khan entered the room and said to that muslim ruler (i don't remember the name i m poor in memorising names)... that why didn't u distributed this among your country men so that they could have stood side by side with you and your army to defend their land.. why didn;t u distributed them among your army to get better defence equipment and to have more training and less worry for money... why didn;t u use this money to have more fortification for your land.... now can you eat this.?
I think i don't need to remind that *that ruler *had the most unfortunate death any ruler could have imagined... Halaku ordered his men that this man's blood should not touch the soil... and he was wrapped in a carpet and then killed in the most miserable way...
When we have the highest suicide rate, when we have the highest unsecurity in the country for the country men, i don't think this money can be any achievement... I wish we have rulers like Umer bin Abdul Aziz (RA) when people don't have to worry for their life, honor and wealth... when the ruler of the time tell his governor of a province that we are not meant to be tax collector and fill our coffins with the wealth of the common man but are there to provide the safety and services...
May Allah guide us All towards the right path and give us the right vision for this life and its importance...
Pind da puttar, how do you expect to run your imports w/o no forex reserves?
I also can guess that back in halaku's time, there was no concept of credit ratings? :D
I remember reading in history book that after the fall of Baghdad Halaku khan ordered that a dinner is served to the ex-ruler of the Baghdad and when the ex-muslim ruler of the baghdad came into the dinning room he saw all the gold and currency and wealth spread in the room and nothing to eat..
Then Halaku Khan entered the room and said to that muslim ruler (i don't remember the name i m poor in memorising names)... that why didn't u distributed this among your country men so that they could have stood side by side with you and your army to defend their land.. why didn;t u distributed them among your army to get better defence equipment and to have more training and less worry for money... why didn;t u use this money to have more fortification for your land.... now can you eat this.?
I think i don't need to remind that *that ruler *had the most unfortunate death any ruler could have imagined... Halaku ordered his men that this man's blood should not touch the soil... and he was wrapped in a carpet and then killed in the most miserable way...
When we have the highest suicide rate, when we have the highest unsecurity in the country for the country men, i don't think this money can be any achievement... I wish we have rulers like Umer bin Abdul Aziz (RA) when people don't have to worry for their life, honor and wealth... when the ruler of the time tell his governor of a province that we are not meant to be tax collector and fill our coffins with the wealth of the common man but are there to provide the safety and services...
May Allah guide us All towards the right path and give us the right vision for this life and its importance...
I bet you dont have a clue on how the international economy and trade works and what part does forex reserves plays in economy and defense of the country and I can also bet that k ager news hotee k forex reserves have reached to record low, tu app is ko use ker rahee hotey to argument against Musharraf & Govt :)
