Sharp rise in August remittances received by State Bank

By: News Desk      Published: 12:03 PM, 10 Sep, 2021
Sharp rise in August remittances received by State Bank
Representational image.

The State Bank of Pakistan (SBP) on Friday said that remittances sent by overseas Pakistanis in August 2021 were 26 percent more than those sent during the same period last year, reported 24NewsHD TV channel.

In a statement, the State Bank said that remittances sent in August 2021 totalled over $2 billion. “Over $5 billion were sent in the first two months of the ongoing financial year (FY), hence registering an increase by 10.4 percent,” the statement informed.

Meanwhile, SBP Governor Baqir Raza has met with National Database Registration Authority (NADRA) Chairman Tariq Malik at the NADRA’s headquarters in Islamabad.

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The chairman briefed him on the digital technology based on Cokentakit Biometric verification introduced to further improve the banking system.

Speaking on the occasion, the NADRA chairman said that the Authority had introduced the technology which will revolutionize the country’s banking sector.

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He told the visitor that clients would not now have to go to the bank for the biometric verification as they would be able to get their identities verified from their homes.