online investment for overseas Pakistanis to increase flow of foreign exchange

Lahore: The facility of online investment for overseas Pakistanis in the National Savings would augment flow of foreign exchange in the country. Director General National Savings Zafar M.Sheikh said talking to APP here on Wednesday.

He said that a website is being launched to facilitate overseas Pakistanis for online investment in to National Savings from all corners of the world.

This initiative, he said would certainly attract overseas Pakistani workers to directly invest their savings in Pakistan as a result the flow of funds to Pakistan would increase. Regarding inflationary pressures he said that containing inflation through increase in interest rate alone may not be effective.

While quoting a US banker, the DG said that the major concern is stagnant economic growth and not the rising inflation. Economic activity can only be sparked through low cost of financing alone, he remarked. The DG said that upward trend in home remittances was observed in last year. He assessed that the remittances by overseas Pakistani workers could cross $ 12 billion mark this year.

He said that the remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $4,428.30 million was received in the first five months i.e July- November of the fiscal year 2010-11 showing an increase of $ 595.72 million or 15.54 per cent over the same period of the last fiscal year 2009-10. In November 2010 overseas Pakistanis sent 24.78 per cent more money, as compared to the same month of the previous year, he added.—APP

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