Karachi November 9 2022: State Bank of Pakistan ask exchange companies to explore new agency arrangement with foreign entities in order to increase the flow of remittances.
In a statement central bank said, "In order to increase the flow of home remittances, Exchanges Companies are encouraged to explore new agency arrangements with foreign entities on non-exclusive basis, while complying with the due diligence and other requirements of framework given in FE Circular No. 01 of 2009, and approach this department along with draft agreements for seeking regulatory input on such agreements."
Pakistan workers’ remittances recorded an inflow of US$ 2.4 billion during September 2022 decreased by 10.5 percent on month on month and by 12.3 percent on year on year basis, according to data published by State Bank of Pakistan.
With cumulative inflow of US$ 7.7 billion during Jul-September FY23, the remittances decreased by 6.3 percent as compared to the same period last year.
Remittances inflow during September 2022 were mainly sourced from Saudi Arabia ($616.6 million), United Arab Emirates ($474.3 million), United Kingdom ($307.8 million) and United States of America ($268.1 million).