LAHORE: The National Bank of Pakistan (NBP) and Bank AlJazira have agreed to work together to increase remittances from Saudi Arabia through legal channel.
According to NBP, matters related to transfer remittances to Pakistan have been finalized between the two banks.
Remittances play a crucial role in Pakistan cash-strapped 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 the current fiscal year with highest inflows coming in from Saudi Arabia and UAE at $395.12 million and 343.21m respectively.