NBP, Bank AlJazira to work for increasing remittances
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LAHORE: The National Bank of Pakistan (NBP) and Bank AlJazira have agreed to work together to increase remittances from the Saudi Arabia through legal channel.
According to NBP, matters related to transfer remittances to Pakistan have been finalised between the two banks.
Remittances play a crucial role for Pakistan cash stripped economy. It has been one of the primary sources of foreign exchange reserves for the country. Pakistanis remit $9.02 billion during the first five months of current fiscal year with highest inflows coming in from Saudi Arabia and UAE at $395.12 million and 343.21m respectively.
Published in Dawn, December 27th, 2018
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Comments (3) Closed
Dec 27, 2018 09:48am
All the best. The NBP was the most strongest and paying bank in Pak before the two COD parties rule. Both PPP and PML(N) appointed their politicized non merit persons at key posts in NBP. They favored their masters and dented the bank. Even these politicians did not spare SBP and SECP, political appointees were inducted there too. NAB is already investigating the affairs of these institutions and final revelations are expected any moment.
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Dec 27, 2018 01:22pm
I hope SBP Ensures that Saudi Banks are not under US investigation before finalizing the agreement .
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Dec 27, 2018 03:54pm
Just open a dollar National Savings Scheme and see how the flood gates of dollars are opened.
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