LAHORE: The National Bank of Pakistan (NBP) and Bank AlJazira have agreed to work together to increase remittances from the Saudi Arabia through legal channel.

According to NBP, matters related to transfer remittances to Pakistan have been finalised between the two banks.

Remittances play a crucial role for Pakistan cash stripped economy. It has been one of the primary sources of foreign exchange reserves for the country. Pakistanis remit $9.02 billion during the first five months of current fiscal year with highest inflows coming in from Saudi Arabia and UAE at $395.12 million and 343.21m respectively.

Published in Dawn, December 27th, 2018