KARACHI: Pakistan has great potential to further enhance its remittances which crossed $13 billion mark during the previous financial year, said Yaseen Anwar, Governor, State Bank, on Friday.

Speaking at an awards distribution ceremony held in recognition of bankers here,  he said there is a huge potential in the global remittance market for Pakistan.

The SBP governor said that it was quite satisfactory to note that banks have started improving their infrastructure and related systems to offer better remittance services to their customers.

Pakistan’s increasing remittances have attracted economic watchers as they placed Pakistan among a few top countries receiving billions of dollars as remittances.

Both the State Bank and scheduled banks made it easier to send remittances back home while a balance was maintained regarding rates of US dollar in open and inter-bank market. The price difference for dollar is not attractive which encourages overseas Pakistanis to send their money through banks.

Mr Anwar said that continued impressive growth in workers’ remittances is the result of efforts made under the Pakistan Remittance Initiative (PRI) in collaboration with banks and other stakeholders, to facilitate both overseas Pakistanis and their families back home.

He said that steps taken to enhance flow of remittances through formal channels included preparation and implementation of a national strategy on remittances, playing an advisory role for financial sector, creating separate efficient remittance payment highways, and becoming a focal point for overseas Pakistanis through a round-the-clock call centre with toll-free lines.

The governor distributed awards amongst bank officials in different areas relating to home remittances, including remittances services at branch level both in Pakistan and overseas, processing at centralised Home Remittance Cells and IT support for swift remittance delivery.

HBL earned the Leading Bank in Home Remittances Award for the year 2011. Forty-five officials from a number of banks received individual performance awards.