| GEO Business|
| SBP to set up department for remittances|
| Updated at: 1535 PST, Thursday, July 23, 2009|
KARACHI: State Bank of Pakistan (SBP) will set up a new department for remittances in collaboration with the federal ministry for overseas Pakistanis, Geo News reported on Thursday.
The formal of announcement of this department is expected to be made on August 8.
According to sources, the department will function under the aegis of the SBP, the federal ministry for overseas Pakistanis and the finance ministry. The establishment of the department is aimed at enhancing the remittance receipts from overseas Pakistanis.
It should be noted here that Pakistan received $7.80 billion of remittances during the last fiscal year; while, the target of this year has been set at $7 billion.