The State Bank of Pakistan held a meeting over the weekend to review the progress of remittance increases for the country.
Attending the meeting were senior officials from the Ministry of Finance, chief executives of private banks and the SBP governor, Yaseen Anwar. The conclusion, directed by the finance minister, Ishaq Dar, was to release a sum of RS 5 billion to private banks instead of the remittance charges due to them.
Dar said the amount would be reimbursed by the Ministry of Finance by Monday and was pleased over the increase in remittances by Pakistanis working abroad.
In addition, Dar saidthe Pakistan remittance Initiative should increase its efforts so the remittances exceed the targets set by the government. Moreover, the SBP was directed to devise new products to increase remittances and, also, to help their prompt delivery to Pakistan.
Due to the release of the RS 5 billion to the private banks, free of charge services to Pakistani citizens to send money home to loved ones would be continued. Hopefully, this would also help the foreign exchange reserves of the country.