Launched to facilitate secure, cheap and rapid remittances by overseas Pakistani’s, the Pakistan Remittance Initiative (PRI) is a joint initiative of the State Bank of Pakistan, Ministry of Overseas Pakistanis and Ministry of Finance.
Remittances play a crucial role in Pakistan’s economy, providing a much-needed inflow of dollars to boost foreign exchange reserves. Ranking amongst the top 5 remittance receiving countries, Pakistan depends heavily on this inflow for building domestic financial resilience. In the past, high cost of remittance and difficult procedures acted as major obstacles and caused senders to either refrain from sending money back home or use informal channels such as Hundi and Hawala for the purpose.
Therefore, a sizable amount of remittances transferred to Pakistan was through informal channels. By reducing these constraints, the PRI initiative is working with Banks to increase the share of formal remittance receipts. By partnering with leading financial institutions such as JS Bank, the PRI initiative helps expats in more than 200 countries send money home to their loved ones in a convenient and cost-effective manner.