2-3% Reduction in Remittance Costs Could Bring Additional $1 Billion into Pakistan: Bilal Bin Saqib
Minister of State Bilal Bin Saqib has said that reducing the cost of remittances by just 2 to 3 percent could bring an additional $1 billion into Pakistan’s economy.
In a statement, Bilal Bin Saqib, who also chairs the Pakistan Virtual Assets Regulatory Authority (PVARA), said the authority and the State Bank of Pakistan were working on a joint working group to reduce remittance costs.
He said a pilot project was being considered to facilitate remittances from Gulf countries to Pakistan.
He added that banks would need to cooperate in developing shared financial infrastructure, custody services and cybersecurity systems.
Bilal Bin Saqib stressed that banks and regulators must further strengthen cybersecurity to ensure the security of the digital financial system.
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