Remittances break four years record: Khawar Saeed
Historical trends suggest the remittances improve again and reach close to the year’s high or hit a new record high in the month before Eidul Azha. PHOTO: REUTERS
President and Chief Executive Officer (CEO) Bank of Azad Jammu and Kashmir (AJK) Khawar Saeed while chairing a review meeting here on Friday, said that the home remittances of the bank crossed 3.5 billion rupees - surpassing last four years’ record.
While providing the details, he said that remittances were 3.2 billion rupees in September 2021; 1.9 billion rupees in September 2020 and in September 2019, the increase was just Rs 60.2 million.
The CEO was of the view that after the year 2019, remittances increased by about 3 billion rupees. This increase in remittances is the highest ever since the bank's inception, which is the reflection of strong confidence of overseas expatriate customers on the bank.
He claimed that the bank has achieved other business goals while expanding its network in different parts of the state, adding that the bank, under the patronage of the AJK Government, has not only achieved the targets, but has also increased the profits, deposits and assets of the institution.