State Bank of Pakistan(SBP) has decided to make it a must for overseas Pakistani’s to have a bank account in the country for sending money lawfully.
Syed Irfan Ali—Executive Director-SBP during the Pakistan Remittance Summit-2017 held in Dubai on December 8, made this statement. As per the reports of English daily the summit was organized by the State Bank of Pakistan in collaboration with the National Bank of Pakistan, Finance Ministry, United Bank Limited and Muslim Commercial Bank Limited (MCB).
Mr. Ali mentioned that Pakistan could get an amount more than $30 billion through the foreign transfers provided that the challenges and obstructions faced by the banks and money transactions get removed.
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He said that remittances constitute six percent share of the country’s GDP, but expressed positivity that the rise of such transactions would boost Pakistan’s economy. He added that Hundi and de-risking were important inhibitions in the way of increasing remittances.
Chief Executive SBP also said that the Pakistani’s who go abroad for acquiring higher education and jobs would be needed to have bank accounts in the country for the account holders receiving the transfers. This would enable the overseas Pakistanis to send foreign exchange via the banking sector.
The summit participants were also told by Mudassir H. Khan—SEVP And Group Chief—National Bank of Pakistan (Payment Services and Digital Banking Group) that fifty percent of the total foreign transfers were obtained via Pakistani nationals living in the Kingdom of Saudi Arab and the United Arab Emirates.
Mr. Khan added that Pakistan has seen the remittances rise of above twelve percent in the past decade or so, and this was the highest remittance percentage globally.