Bank AlJazira and National Bank of Pakistan (NBP) are now agreed to work together for the increment of remittances.
NBP and Bank AlJazira agreed for the cooperation to higher the remittances from Saudi Arabia through the legal channel.
According to NBP officials, issues related of sending remittances to Pakistan are now finalized between both banks.
Remittances have the great contribution in the cash stripping economy of Pakistan. However, it is among one of the key sources of foreign exchange reserves for Pakistan.
$9.02 billion have been remitted in initial 5 months of the ongoing fiscal year. However, from Saudi Arabia and UAE highest inflows are coming at $395.12 million and $343.21 million respectively.