Boost remittances, foreign reserves top priority: SBP executive director
Business
Says the Buna-Raast connectivity project will facilitate overseas Pakistanis in Arab countries
ISLAMABAD (APP) - Executive Director of the State Bank of Pakistan, Syed Sohail Jawad, said on Saturday that the government intends to integrate overseas Pakistanis into the national system.
Talking on state-run channel, he mentioned that overseas Pakistanis faced problems related to sending money to families living in Pakistan, as it was a very expensive and time-consuming process.
SBP launched the Roshan Digital Account scheme under the National Payment Strategy designed to help those overseas Pakistanis with remittance-related issues, he added.
He stated that the government is committed to addressing remittance-related issues to boost the confidence of overseas Pakistanis, as these remittances account for approximately 8 to 9 percent of the economy.
To solve this problem, a Raast payment system based on international standards was adopted, he added.
He said that the government initiated collaboration with Buna which was backed by the 22 GCC Gulf countries.
The Buna-Raast connectivity project will facilitate overseas Pakistanis in Arab countries in sending remittances through a swift, affordable, and effective mechanism, he added.
The project would not only simplify the digital remittance process but also help boost Pakistan’s foreign exchange reserves to approximately 5 to 6 billion dollars.
