Remittances initiative: Top exchanges to be included to channel remittances
Finance minister directs PRI to build a plan to meet $20b target.
A growth rate of 15-20% for remittances is insufficient, says Mandviwalla. ILLUSTRATION: JAMAL KHURSHID
ISLAMABAD:
Federal Minister for Finance Saleem Mandviwalla Tuesday directed Pakistan Remittances Initiatives (PRI) to integrate all A-category exchange companies into the mainstream system to meet the target of $20 billion in remittances.
According to a statement issue here, the finance minister took the decision with an aim to promote legal channels for home remittances from Pakistanis working abroad. He said that a growth rate of 15-20% for remittances was insufficient and PRI must come up with a plan for achieving the target while focusing on the potential of exchange companies and an analysis of direct and indirect incentives.
PRI was launched as a joint initiative of the State Bank of Pakistan, Ministry of Overseas Pakistanis and Ministry of Finance with the purpose of facilitating, supporting, faster, cheaper, convenient and efficient flow of worker’s remittances into Pakistan.
Among one of the many steps that PRI is taking to enhance the flow of remittances are the envisioning, implementation and operation of a remittance hub for Pakistan.
The hub amongst will ensure that all remittances are received, processed and disbursed in a timely and convenient manner making the remittance hub the medium of choice for all remitters to send remittance transactions.
Published in The Express Tribune, March 6th, 2013.
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Federal Minister for Finance Saleem Mandviwalla Tuesday directed Pakistan Remittances Initiatives (PRI) to integrate all A-category exchange companies into the mainstream system to meet the target of $20 billion in remittances.
According to a statement issue here, the finance minister took the decision with an aim to promote legal channels for home remittances from Pakistanis working abroad. He said that a growth rate of 15-20% for remittances was insufficient and PRI must come up with a plan for achieving the target while focusing on the potential of exchange companies and an analysis of direct and indirect incentives.
PRI was launched as a joint initiative of the State Bank of Pakistan, Ministry of Overseas Pakistanis and Ministry of Finance with the purpose of facilitating, supporting, faster, cheaper, convenient and efficient flow of worker’s remittances into Pakistan.
Among one of the many steps that PRI is taking to enhance the flow of remittances are the envisioning, implementation and operation of a remittance hub for Pakistan.
The hub amongst will ensure that all remittances are received, processed and disbursed in a timely and convenient manner making the remittance hub the medium of choice for all remitters to send remittance transactions.
Published in The Express Tribune, March 6th, 2013.
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