Finance Minister Shaukat Tarin says government's policy of incentivizing remittances has contributed in achieving record remittance of 29.4 billion dollars in the last fiscal year.

He said this while chairing a meeting of Economic Coordination Committee of the cabinet in Islamabad today (Wednesday).

A detailed briefing was given on National Remittance Loyalty Program.

The Finance Minister said the State Bank of Pakistan will introduce a mobile application, NRLP, which will offer incentives and rewards to overseas Pakistani against each remittance transaction in accordance with a set criteria.

After due deliberations, the ECC approved the structure and estimated financial impact of the NRLP with a view to incentivize remitters to transfer funds through formal channels thus further strengthening the inflow of remittances.