Monday, 18 October 2021, 08:05:30 pm
ECC approves financial impact of mobile application National Remittance Loyalty Program
August 11, 2021

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.