Govt, SBP lauded to im­prove flow of re­mit­tances

The Pak Banker - - NATIONAL -

Pak­istan Over­seas Em­ploy­ment Pro­mot­ers As­so­ci­a­tion (POEPA) on Sun­day said work­ers re­mit­tances can cross the mark of dol­lar 20 bil­lion in the on­go­ing fis­cal year.

We are highly sat­is­fied with the govern­ment and the ini­tia­tives of State Bank of Pak­istan and other stake­hold­ers which has led to con­tin­ued growth in work­ers re­mit­tances de­spite global down­turn and oil cri­sis, said Chair­man of Poepa Ch. Muham­mad Afzal.

In a state­ment is­sued here to­day, he said that Pak­istan is gain­ing ground in the global re­mit­tance mar­ket for which credit also goes to the un­prece­dented co­op­er­a­tion by em­bassies of friendly coun­tries, es­pe­cially that of Saudi Ara­bia.

Ch. Muham­mad Afzal said that govern­ment should recog­nise the ser­vices of all the ac­tors play­ing part in im­prov­ing re­mit­tances while banks should fur­ther im­prove their ser­vices to of­fer bet­ter ser­vices to over­seas Pak­ista­nis. He lauded the steps taken to en­hance flow of re­mit­tances through le­gal chan­nels in­clud­ing prepa­ra­tion and im­ple­men­ta­tion of na­tional strat­egy on re­mit­tances, ad­vi­sory role for the fi­nan­cial sec­tor, ef­fi­cient pay­ment high­ways, etc.

We must learn more from poli­cies of other coun­tries to ease flow of re­mit­tances flows re­sult­ing in max­i­mum sat­is­fac­tion of both re­mit­ters and ben­e­fi­cia­ries, im­proved com­mit­ment of the fi­nan­cial sec­tor, and de­vel­op­ment of new prod­ucts and ser­vices, he un­der­lined.

Re­duc­ing the cost of re­mit­tances could also fa­cil­i­tate more in­flows which will boost econ­omy while dis­cour­ag­ing il­le­gal busi­ness of hundi and hawala, he noted. He said that Poepa will un­con­di­tion­ally co­op­er­ate with the govern­ment and all agen­cies con­cerned to achieve the de­sired ob­jec­tive of max­i­miz­ing the flow of re­mit­tances through for­mal chan­nels into the coun­try which is the best recipe for de­vel­op­ment.-

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