Expat remittances lifeblood of Pak economy

Overseas Pakistanis are a vital source for the growth of Pakistan’s economy, according to Saad Kaleem, Deputy General Manager of Habib Bank Limited (HBL) Pakistan.

In a message on the occasion of the Pakistan Day that was celebrated by the bank at a function, Kaleem said the money transferred through official channels helps correct the country’s trade imbalances and is its lifeblood.

“We need to completely boycott unofficial channels of sending remittances, which is not only hurting Pakistan’s economy but also hampering our families’ and children’s progress,” he added. Deputy Consul General of Pakistan Imran Siddiqui was the chief guest at the function of HBL, Pakistan, which is one of the pioneers in the Saudi market for remittances to Pakistan.

Rashid Islam, a senior member of HBL said, “The hundi activities are losing ground owing to the strict laws laid down by the Saudi government combined with the present arrangement of HBL through its correspondents in the Kingdom.”

“We have to send money home through proper banking channels and avoid money laundering schemes. They are obviously the wrong channels,” he added.

Siddiqui agreed saying, “The Pak-Saudi relationship is very important for us and we do our best to respect the rules of the Saudi government.”

Turki Osama Turki, Regional Marketing Supervisor of Enjaz said, “It is now very easy to send cash which will be received at our partnered bank’s counters in Pakistan within a few hours free of charge.”

“The volume of remittances is steadily increasing due to the unrest in the Middle Eastern region and the growing number of Pakistani skilled workers in the Arab countries,” he said. Mohammad Ali Turki, Regional Manager at Enjaz said, “Enjaz is playing a significant role in Pakistan’s remittance sector with the support of HBL. We will continue this effort for the long-term development of Pakistan and a strong economy.”

The ceremony included a cake cutting ceremony. HBL certificates of appreciation were distributed to the deputy consul general and officials of Enjaz.

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