Islamabad, Aug 24: Syed Sohail Jawad, the executive director of the State Bank of Pakistan, declared on Saturday that the government plans to incorporate Pakistanis living abroad into the domestic system.
Speaking on PTV news, he said that because it was an expensive and time-consuming process, sending money to families in Pakistan presented challenges for Pakistanis living abroad.He said that as part of the National Payment Strategy, the State Bank of Pakistan introduced the Roshan Digital Account program to assist Pakistanis living abroad who are having problems with their remittances.
Given that remittances make up between 8 and 9 percent of the country’s GDP, he declared that the government is dedicated to resolving remittance-related concerns in order to increase the confidence of Pakistanis living abroad. He said that a Raast payment system built on international standards was implemented to address this issue.
He noted that the 22 GCC Gulf nations supported the government’s initiative to collaborate with Buna.He said that the Buna-Raast connectivity project will make it easier for Pakistanis living abroad in Arab nations to send money home using a quick, economical, and efficient method. In addition to streamlining the digital transfer process, the scheme will increase Pakistan’s foreign exchange reserves to between $5 and $6 billion.
