Economy on the path to stability


Despite several internal and external challenges, the country’s economy is gradually moving towards sustained stability, economic indicators suggest. The country’s foreign exchange reserves continue to remain over $17 billion, while other economic indicators are also moving in positive direction towards economic progress. Pakistan’s foreign exchange reserves hit a record high of $17.956 billion during the week that ended March 26, which had fallen to $6.59 billion in November, 2008. “Remittances have considerably contributed and helped the foreign exchange reserves go forward,” sources said, adding that the remittances have shown record growth this year.
Overseas Pakistanis remitted $1.03 billion in April 2011, the second consecutive month that the figure has crossed the $1.0 billion mark, according to data from the State Bank of Pakistan. Remittances have already crossed the $9.0 billion target set for FY11, as they have reached $9.05 billion in the first 10 months (July-April), showing an increase of $1.74 billion or 23.81 percent compared with $7.31 billion received in the same period last year. “Increase in the remittance shows the confidence of overseas Pakistan over the existing governing system of the country,” remarked an expert while terming the continuous increase in remittances a positive sign. On the other hand the country’s exports have crossed $20 billion mark in July-April (2010-11), registering a growth of 27.78 percent.