October 31, 2001	Wednesday	Shaba’an 13, 1422

KARACHI, Oct 30: Habib Bank Limited, which handled around 40 per cent of Pakistan’s $1 billion workers remittances last year, registered a growth by 30 per cent in remittances in September 2001.

The president of the Bank, Zakir Mahmood, addressing a press conference said the drastic improvement in Bank’s working, efficient services, prompt delivery of remittances to the beneficiaries and narrowing gap between kerb and official exchange rate, which was same on Tuesday morning at Rs61.40, encouraged the overseas Pakistanis to use official channels to send money back home.

Explaining the on-going infrastructural reforms in HBL, Zakir Mahmood said it takes maximum 48 hours to deliver the money to the beneficiary of remittances. HBL charges no cost from the clients against remittances and delivery. However, the State Bank of Pakistan pays Saudi riyal 25 for every telegraphic transaction if the minimum amount is $100, to the bank handling remittances.

HBL hoped further growth in the remittances and said the free service for remittances is taken as national duty and a long term investment. HBL will have more dollars to lend to the exporters on one hand and pursue the beneficiaries to maintain their rupee accounts with HBL branches on the other, he said.

He said the HBL was actively working to introduce a computer card to the overseas Pakistani clients after that they would need to tell the amount to be remitted and the process will take 90 seconds, replacing the filling of forms, name of sender and beneficiary, etc.—APP