Pakistan to receive $50 billion foreign remittances
Pakistan has the potential to attract up to $50 billion in remittances this year, thanks to the government's efforts to streamline the system and combat illegal hawala/hundi channels. Faisal Niaz Tirmizi, Pakistan's Ambassador to the UAE, made this announcement as the chief guest at the "Remitlink: Resilient Remittances" event, co-hosted by Dellsons Associate in collaboration with the Embassy of Pakistan in the UAE.
He highlighted that remittance flows are returning to normal due to regulatory measures, including a crackdown on foreign currency smuggling.
Additionally, Usman bin Raees, the COO of Instant Cash, discussed a new system that could potentially deliver remittances to recipients' homes, enhancing security and convenience.
This proposal is under consideration by the State Bank of Pakistan. Salman Hasan Khan, from Dubai Islamic Bank Pakistan, emphasized the importance of financial institutions in connecting overseas Pakistanis with their homeland and promoting Sharia-based financial options.
Lastly, Ibrahim Amin, Chairman of Dellsons Associates, stressed the conference's goal of fostering collaboration among government officials, regulators, and service providers to benefit the Pakistani diaspora.