Along with banks, exchange companies are now formally part of the Pakistan Remittance Initiative (PRI) Scheme, according to the State Bank of Pakistan (SBP).
To this end, the central bank has released a circular.
The inclusion of exchange companies in the PRI is anticipated to increase the volume of remittances, according to Malik Bostan, chairman of the Forex Association of Pakistan, who praised the decision. He pointed out that banks and exchange corporations now have identical profit margins on dollar transactions.
Malik Bostan also pointed out that exchange companies made deposits into the interbank market totaling about $4 billion last year. He said he was confident that this action would put an end to the monopolistic and blackmailing practices of certain international money transfer companies.
