Foreign currency remittances resume

KARACHI: Pakistan resumed foreign currency remittance operations through currency exchange companies on Wednesday. “The operations had come to a partial halt for about 10 days,” Pakistan Forex Association President Malik Bostan told The Express Tribune.

He said both inward and outward remittances had suffered due to what he called negligence on the part of commercial banks.

Banks had been blocking outward remittances sent by currency exchange firms to their overseas recipients through Western Union for about 10 days. In response to that, Western Union also halted inward remittances to Pakistan for the past two days. The case was presented before the SBP and was resolved after the governor took notice, he said.



Now Western Union has released inward remittances and exchange firms have received the due amount in their bank accounts that could be encashed on the next working day. The estimated value of stuck inward and outward remittances was around $5m and $3 million respectively, Bostan said.

Published in The Express Tribune, October 18^th, 2018.

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