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REMITTANCES TO PAKISTAN CROSS US$1 BLN MARK.

AsiaPulse News

| August 01, 2001 | COPYRIGHT 2001 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

KARACHI, Aug 1 Asia Pulse - Home remittances or the amount of foreign exchange sent back home by overseas Pakistanis totalled US$1.021 billion in fiscal (July/June) 2000-01 crossing the US$1 billion mark after two years.

In 1998-99 home remittances had fallen to $875 million showing the loss of confidence of overseas Pakistanis in the country's banking system. Pakistan had frozen $11 billion worth of foreign currency deposits most of which belonged to overseas Pakistanis after going nuclear on May 28, 1998 to avoid default on payments.

In 1999-00 the situation improved and home remittances ...

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