Savings certificates

The Government has invited local and foreign banks for appointment as lead manager to mobilise up to one billion dollars from Pakistan’s expatriates via savings certificates scheduled before the end of current fiscal year. National Savings deserves credit for coming out with this innovative idea, which has the potential to mitigate government woes, which is hard pressed due to fast depleting foreign exchange reserves and growing needs of the country for foreign exchange because of massive developmental activities.
However, traditional sources of foreign exchange inflows are drying up as the United States is using economic and financial aid blockade as a tool to pressurise Pakistan to accept coercive terms of cooperation in the war against terror. Hence, the government should increase remittances and encourage Overseas Pakistanis to invest their savings in these certificates as currently a huge amount is sent to Pakistan through Hundi and other non-formal channels.
Ball Nigwar

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