Governor State Bank of Pakistan (SBP) Yaseen Anwar has said that there exists a huge potential in the global remittance market for Pakistan. This he stated while addressing an award ceremony held here in recognition of the bankers’ commendable services in facilitating home remittances by Pakistan Remittance Initiative (PRI) Friday. The leading bank in home remittances award for the year 2011 was conferred upon Habib Bank Limited (HBL). The SBP governor said it was quite satisfactory to note that the banks had started to improve their infrastructure and related systems with a view to offering better remittance services to their customers. Anwar observed that the continued impressive growth in worker remittances was the result of the efforts made by SBP and PRI, in collaboration with banks and other stakeholders, to facilitate both overseas Pakistanis and their families back home. He outlined the steps taken to enhance the flow of remittances through formal channels that he said included: (a) preparation and implementation of national strategy on remittances; (b) playing the advisory role for the financial sector; (c) creating separate efficient remittance payment highways; and (c) becoming a focal point for overseas Pakistanis through round-the-clock call centre with toll free lines.
“We cannot afford to be complacent. We can always learn more from other countries’ best practices in facilitating remittance flows including end-to-end efficient systems, maximum satisfaction of both remitters and beneficiaries, highest degree of commitment of the financial sector, and development of new products and services,” he added. He assured full SBP and PRI support in facilitating all efforts of the financial sector towards achieving the desired objective of maximizing the flow of remittances through formal channels into the country. “Remittances sent home by overseas Pakistani workers crossed the $13 billion mark for the first time in country’s history during the last fiscal year,” he said. The SBP Governor distributed the awards amongst banks’ officials in different areas relating to home remittances including remittances services at branch level both in Pakistan and overseas, processing at centralized Home Remittance Cells and IT support for swift remittance delivery. Some 45 officials from a number of banks also received individual performance awards for facilitating remittances into Pakistan.
