KARACHI - Minister for Finance Senator Mohammad Ishaq Dar on Sunday underlined the need for innovative and out-of-the box solutions to support continued robust growth in remittances.
The minister was chairing a meeting at State Bank of Pakistan (SBP), here to review the performance of Pakistan Remittance Initiative (PRI). SBP Governor Yaseen Anwar was also present in the meeting, said a press release.
The PRI team led by Mohammad Mansoor Ali, Director Exchange Policy and Moinuddin, Head PRI, gave a presentation to the Finance Minister on the efforts made by the PRI and the SBP for facilitating overseas Pakistanis in the speedy, reliable, safe and free of charge transfer of home remittances to Pakistan as well as facilitating their quick receipt by the loved ones in the country.
The minister appreciated the ongoing facilitation work for the transfers of home remittances and the efforts to increase for increased inflow of precious foreign exchange into the country.
He expressed satisfaction for a record inflow of US $1.40 billion in July alone. The SBP and the PRI team proposed various technical innovations to ensure instant transfer of remittance to beneficiaries accounts, with the facility of withdrawals from ATMs anywhere in the country.
The minister welcomed the fact that remittances were increasingly being banked and approved in principle the new initiatives proposed by PRI in order to further substantially increase home remittances through the formal channels.
He expressed the confidence that the PRI team would continue to make efforts so that the country could not only achieve its present upward targets but also improve upon them substantially.
Highlighting the importance of remittances in supporting the balance of payments, he stressed the need to ensure continued strong growth in remittances through the formal channels.