ISLAMABAD, Dec 12: Remittances from USA to Pakistan have posted a three-fold increase during the last few months, President National Bank of Pakistan Syed Ali Raza said.

Addressing a media conference here Wednesday, he said several concrete measures were being taken to increase the flow of remittances through banking channels.

He said the bank had taken independent decision regarding restriction on the handling of cash transactions for remittances. The decision “was taken in the best interest of the customers, bank and Pakistan” and not under any US influence.

Around 92% of the total remittances from the USA are documented while only 8% of the remittances constituted cash transactions, he said, adding the bank would be handling only those transactions which are documented, with known sources of income.

The decision, he maintained, would, of course, discourage the walk-in customers who would like to have cash transactions with the bank for the repatriation of the remittances.—APP