Country losing $70m daily

KARACHI - Despite a tough strategy of the State Bank of Pakistan, the country is facing around 70 million dollars capital outflow daily from the country amid macroeconomic destabilization and dearth in investing opportunities.  

The said amount of foreign exchange is being transferred to Dubai, Malaysia and Kuwait through clandestine channels, sources told The Nation on Friday. On account of ongoing recessionary tendency being witnessed in the local share market, the financial inflow of workers’ remittances is neither invested in stock market and unexpectedly nor utilized in real estate business.