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Only second to exports income, home remittances are the bloodline of generating
foreign reserves for any country. The remittance received from the expatriate workers
community is and has always been the vital source of foreign exchange for the labor
exporting countries. These remittances become more useful if they flow through the
formal banking channels. In case, if the remittances flow through the informal channels,
they create a parallel economy. During the last ten years (2001 - 2010), SBP has taken
several valiant steps to increase home remittance volume through banking channel.
This exploratory study documents the extraordinary growth in the home remittance
volume with respect to the SBP's favorable policies. However, there could be some
other influencing factors as well which might have boosted the volume of remittances.
The phenomenon is studied to understand the effectiveness of the SBP home remittance
policies and its implications to increase the volume of home remittances routed via
banking channel in Pakistan for the last one decade. SBP policies are mainly focused
to liberalize exchange rate differential among remittance business competitors, to attract
remittances with minimum or no charges via banking system due to eligible remittance
incentive scheme, to revamp existing and increasing foreign remitting arrangements
(partners) with domestic banks, to improve the IT infrastructure, Payment Settlement
System and Quality of Home Remittance Products/Services in the Pakistani banks to
facilitate the beneficiaries in least possible turnaround time.
Syed Muhammad Hasan, Dr. Mustaghis-ur-Rahman. (2012) SBP's Home Remittance Policies and its Effects in Pakistan: A Study of the Last Ten Years (2001-2010), Journal of Independent Studies and Research-Management, Social Sciences and Economics, Volume-10, Issue-1.
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