Exchange firms eye rebate on remittances

Published August 2, 2019
Banks are getting 25 Saudi riyal on minimum remittance of $200. — AFP/File
Banks are getting 25 Saudi riyal on minimum remittance of $200. — AFP/File

KARACHI: Exchange companies have been assured by the State Bank of support to get rebate on remittances like the banks are being paid for it, said a press release issued by the Forex Association of Pakistan on Thursday.

A delegation of foreign exchange companies met central bank officials on Wednesday to express its views over the recent changes in the Foreign Exchange Manual.

“We told the State Bank that allowing banks to provide foreign exchange to travellers up to $2,100 may create dollar shortage in banks as it happened in 1998,” Bostan told Dawn.

He said the banks are getting 25 Saudi riyal on minimum remittance of $200. If the exchange companies are provided with this amount, the remittances would be much higher, he said.

Published in Dawn, August 2nd, 2019

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