Re: Moody’s investors Upgrades Pakistan Bond Ratings
Overseas Pakistani’s have the same confidence in Pakistan’s as Moody’s does, if not more. It has taken a great deal of effort to reassure overseas Pakistani’s to invest their wealth in Pakistan, especially after Nawaz Sharif committed one of the biggest looting of money in history i.e. the Foreign Currency accounts.
$2.093b remittances received in July-Nov - up 24.28% from last year
The country received an amount of $2.093 billion as workers’ remittances during July-November 2006, up by 24.28 percent compared to the same period last year. The monthly average remittances for the period July-November, 2006 comes out to $418.56 million as compared to $336.79 million during the same period of the last fiscal year. The central bank statement said: “Pakistan received an amount of $2,092.81 million as workers’ remittances during the first five months (July–November, 2006) of the current fiscal year as against $1,683.96 million in the corresponding period of the last fiscal year registering an increase of $408.85 million or 24.28 percent. The amount of $2,092.81 million includes $1.17 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).” The data said during November 2006, Pakistani workers remitted $448.61 million as against $308.81 million in November 2005 depicting an increase of $139.80 million or 45.27 percent.
The inflow of remittances during the first five months (July-November 2006) from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $533.46 million, $398.99 million, $318.12 million, $291.47 million, $180.10 million and $62.57 million respectively as compared to $481.54 million, $280.89 million, $243.26 million, $228.25 million, $172.78 million and $47.76 million. Remittances received from Canada, Australia, Norway, Switzerland, Japan and other countries during the first four months amounted to $306.93 million as compared to $221.63 million in the corresponding period of the last fiscal year. The inflow of remittances into Pakistan from all countries of the world increased last month as compared to November 2005.
According to the break up, Pakistan received workers’ remittances during November, 2006 from USA ($111.70 million), Saudi Arabia ($80.79 million), UAE ($67.42 million), GCC countries - including Bahrain, Kuwait, Qatar and Oman ($59.86 million), UK ($41.65 million) and EU countries ($14.26 million) as compared to the corresponding receipts from the respective countries during November 2005 i.e. $89.74 million, $48.30 million, $46.98 million, $47.06 million, $24.10 million and $8.03 million. Remittances received from Canada, Switzerland, Australia, Norway, Japan and other countries during November 2006 amounted to $72.78 million as compared
http://www.dailytimes.com.pk/default.asp?page=2006\12\17\story_17-12-2006_pg5_3