By Mushfiq Ahmad
KARACHI: State Bank of Pakistan proudly announced on Friday that Pakistan received the highest-ever amount of over $7.811 billion as workers’ remittances in 2008-09, beating the previous record of $6.451 billion of 2007-08.
Remittances have been rising for past several years, but this year’s increase has rung alarm bells in the country. People have expressed fears that Pakistanis working abroad might return home in large numbers owing to the recessionary conditions in developed countries, particularly the US. Also, people who had been working in UAE’s construction industry are coming back owing to the slump experienced by the real estate sector there. Read More »The beginning of the end? Record $7.8bn remittances from Overseas Pakistanis: what next?