KARACHI: After failing to totally spoil unlawful networks – known as Hawala/Hundi in the neighborhood – of remittances and witnessing a drop within the quantity despatched via prison channels remaining 12 months, state-owned Nationwide Financial institution of Pakistan (NBP) has kick-started a comfortable marketing campaign to curb the follow.
To extend good looks of prison channels, the financial institution may be introducing measures to overcome the rate of turning in remittances to beneficiaries by way of Hawala/Hundi operators.
“Remittances have grow to be a lifeline for the economic system and we can’t find the money for to lose them anymore,” State Financial institution of Pakistan Deputy Governor Jameel Ahmed stated whilst addressing the launching rite of a TV marketing campaign, comprising of a documentary drama, on Thursday.
Remittances are a big supply of foreign currency for Pakistan and aids in financing imports – particularly oil- and lowering the affect of present account deficit which is the most important problem to the economic system at the present time.
Pakistan recorded a drop of three% in remittances to $19.30 billion in fiscal 12 months 2016-17 from $19.91 billion within the previous 12 months, he stated, noting that the craze has reversed within the first two months of the present fiscal 12 months.
NBP President Saeed Ahmed estimated the amount of remittances via unlawful channels at $6-7 billion, which is identical to round one-third of the prison remittances. The quick documentary drama narrates tales of lack of finances by way of in a foreign country Pakistanis by the hands of Hawala/Hundi operators and makes use of training to persuade other folks to keep away from unlawful approach.
The financial institution has established a specialized ‘Fee Products and services and Virtual Banking Division’ for expanding tempo of sending remittances house. The dept will even glance into the problems confronted by way of remittance senders like top price of transaction and unattractive alternate charges.
Revealed in The Categorical Tribune, September 22nd, 2017.
The put up Documentary to boost consciousness of unlawful remittance channels seemed first on The Categorical Tribune.