Pakistan Bank Launches Campaign For Remittances Through Legal Channels

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By Muhammad Luqman
State-owned National Bank of Pakistan has launched a campaign to create awareness about the ills of money transfer through illegal channels to Pakistan, especially from Saudi Arabia and other Gulf countries.
According to the bank officials, the campaign was initiated by the launch of a short docudrama targeted towards Pakistani diaspora residing especially in UAE, Saudi Arabia and other GCC countries.
National Bank of Pakistan (NBP) believes that this mode will prove to be an important medium to educate the masses about the advantages of sending remittances back home through legal banking channels, such as National Bank of Pakistan’s “Foree Remittances”.
A statement released by the bank said that there has been an increase of 13.2 percent in home remittances during the first two months of FY 18 after a fall of 3.1 percent in FY17. “There is a need to maintain this momentum and positive growth trajectory in coming months,.
Saeed Ahmad, President & CEO NBP, said that the biggest challenge facing the overall remittance business of Pakistan is the use of illegal system of Hawala / Hundi.
“This is used by a large number of overseas Pakistanis due to lack of proper information. This affects the country gravely. If all remittances come via banking channels, our forex reserves will increase resulting better financial stability and improved standing of Pakistan in the International market,” he said.
Regarding docudrama, he said that the idea is whatever money is coming into the country is routed through legal channels so Pakistan as a country can fully benefit.

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