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

Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Tax unrest
Updated 14 Jul, 2025

Tax unrest

Govt has a very poor track record of staying the course of tough decisions that affect the ruling party’s core political base.
Surging numbers
14 Jul, 2025

Surging numbers

PAKISTAN is running out of time — and space. Our population, now over 240m, continues to grow at nearly 2pc a ...
Media matters
14 Jul, 2025

Media matters

PAKISTAN’s journalists are no strangers to living dangerously. The Freedom Network’s new report, Journalism in...
Hybrid worries
Updated 13 Jul, 2025

Hybrid worries

Once elected office is reduced to theatre, useful only for maintaining appearances, it becomes a stage for managing perceptions rather than exercising power.
Bitter taste
13 Jul, 2025

Bitter taste

THE government’s plan to import 350,000 tonnes of sugar, months after allowing the export of more than twice that...
No red lines
13 Jul, 2025

No red lines

THE US’ move to sanction Francesca Albanese, the UN’s Special Rapporteur on human rights in the occupied...