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National Bank of Pakistan grows its remittance’s market share

Karachi, July 19, 2017 (PPI-OT): Seldom before home remittances have been vitally important for emerging economies like Pakistan as they are today. With immense pressure on sustaining and improving our foreign currency reserves, in the backdrop of struggling exports, home remittances has the potential to fill in the critical gap. “NBP has experienced a growth in its Home Remittance’s market share despite a reduction in home remittances by 3.08% in FY2017”, said S. H. Irtiza Kazmi, Group Head – Global Home Remittances at NBP. This turnaround has been made possible by the keen interest that the NBP management has shown in improving the overall business for the bank.

Continuous efforts have been made by NBP to provide superior services to its remittance customers through its extensive online branch network of more than 1,400 branches and 1100 ATMs, new alliances with international money sending businesses (MSBs) and through focused marketing of its products both in the local as well as international markets. Home remittances has been one of the major factors sustaining the economy over the past several years. Special focus by the Ministry of Finance and the State Bank of Pakistan (SBP) through Pakistan Remittance Initiative (PRI) has helped increase the remittances to Pakistan through legal channels from USD11.20 billion in 2011 to USD19.30 billion in 2017.

Remittances volume from Australia to NBP increased by 150%+ during June 2017 alone. This was the result of one of several marketing campaigns that NBP launched during Apr-Jun quarter. One of the marketing campaigns with a leading MSB in GCC (including KSA and UAE) resulted in volume growth of 16% month-on-month. Yet another marketing campaign with a leading bank in KSA showed volume increase of 17%. Several similar campaigns are also planned to be launched in the second half of 2017.

NBP is also working closely with the Ministry of Overseas Employment and HR development and Pakistani embassies/consulates across the globe to educate the existing and future expatriates regarding NBP’s remittance services. NBP has taken a lead in promoting legal channels to send remittances to Pakistan and discouraging Hundi/Hawala which are the key factors hampering the growth of formal remittance business in Pakistan through legal/banking channels.

Introduction of Foree Remittance Account, an account designed especially for the remittance customers by National Bank is another step towards promoting financial inclusion. It is the most convenient way to receive remittances by beneficiaries in Pakistan getting free SMS alerts. The Foree Remittance Account launched in 2014, has seen a stable growth in the deposit base for the bank while providing banking services to the unbanked population. With SBP’s vision to increase the ATM penetration, NBP Foree Remittance Account holders have the facility to withdraw cash from any linked ATM across Pakistan.

It is NBP’s vision to provide unmatched services to its remittance customers through digital platform integration. NBP is also moving towards creating digital disruption in the existing remittance market by introducing technologically advanced products to its customers. This will eliminate the need to visit a branch to collect remittances or even to visit an ATM hence offering a one window solution for various banking needs.

NBP, under the leadership of a forward-looking management is striving with renewed vigor and fervor to provide seamless banking services to all its customers. Improving our services is the number one priority and we will leave no stone unturned to achieve new heights in our service standards. We are committed to live by our slogan of being The Nation’s Bank.

For more information, contact:
Vice President / Divisional Head (A)
National Bank of Pakistan (NBP)
Corporate Communication and Brand Management Division
Head Office, NBP Building, I.I. Chundrigar Road,
Karachi, Pakistan
Tel: +92-21-99220773
Cell: +92-300-8202184
Fax: +92-21-99212734
Email: ibne.hassan@nbp.com.pk

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Pakistan requires to completely switching to European Union’s Registration of Exporters System for origin certification by December 30, 2017

Karachi, July 19, 2017 (PPI-OT): All current as well as potential Exporters to European Union are, hereby, informed that as per EU regulations for GSP plus beneficiary countries, Pakistan is required to completely switch to the EU’s REX (Registration of Exporters) System for origin certification by December 30, 2017. Accordingly, issuance of certificate of origin by TDAP for the EU-GSP+; which is being actively progressed by the Authority, will cease after this date (30th December, 2017) and only REX registered exporters would subsequently by able to issue Statements On Origin (SOO) in respect of their EU shipments.

In the light of above, you are advised to get yourself registered in the REX system (with the Authority) as soon as possible. TDAP is separately organizing seminars in this regard in the major export cities of the country to explain the details of the registration process. The complete guideline for getting registered in the REX system is available at TDAP’s website www.tdap.gov.pk. For further information, please call 021-99205769.

For more information, contact:
Director
Information and Communication Division
Trade Development Authority of Pakistan (TDAP)
3rd Floor, Block A, Finance and Trade Centre,
P. O. Box No. 1293, Shahrah-e-Faisal,
Karachi 75200, Pakistan
UAN: +92-21-111-444-111
Tel: +92-21-99206487-90, +92-21-99201526
Fax: +92-21-99206461, +92-21-99201526
Email: tdap@tdap.gov.pk, farooque.memon@tdap.gov.pk
Website: www.tdap.gov.pk

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Pakistan Army receives Cutting Edge Explosives Detection Equipment from United States

Islamabad, July 19, 2017 (PPI-OT): The Pakistan Army received more than fifty new Fido X3 explosives detectors from the U.S. Embassy’s Office of the Defense Representative – Pakistan (ODRP). The Fido is a sophisticated hand-held device that will allow Pakistani soldiers determine in less than ten seconds whether an item is composed of explosives. These newest Fidos will be added to those previously provided to the Pakistan Army, currently used in various counter-terrorism operations throughout the country, helping to seize explosives and save lives.

“Keeping illegal explosives out of the wrong hands helps everyone. This delivery from the US government provides world-class technology to the Pakistan Army. A primary way to stop a bomb is to catch the bomb maker or attacker before he puts the device in position. This advanced system improves on previous versions used to great effect by the Pakistan Army to safeguard the nation,” said Brigadier General Kenneth Ekman, Chief of the U.S. Embassy’s ODRP, highlighting the U.S. partnership with the Pakistan Army in its ongoing efforts to combat terrorism, particularly in the Pakistan-Afghanistan border region.

This shipment of Fido devices is part of an ongoing $128 million initiative funded by the U.S. government to assist the Pakistan Army in defeating illegal explosives. The U.S.-Pakistan counter-explosive assistance program includes armoured vehicles, bomb disposal robots, training, and the construction of a laboratory allowing for detailed analysis of explosive samples.

In recognition of the sacrifices made by Pakistani military personnel in the line of duty, the US and Pakistan are also partners in a program to support amputees. This partnership will provide specialized medical equipment and training to allow Pakistan Army medical technicians to manufacture prosthetic limbs to improve the quality of an amputee’s life.

For more information, contact:
Spokesman
Information Office Public Affairs Section
Embassy of the United States of America
U.S. Embassy, Islamabad- Pakistan
Tel: +92-51-2082911, +92-51-2081136
Cell: +92-300-5012640
Fax: +92-51-2278607
Email: webmasterisb@state.gov

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Saudi Arabia issues Venezuela travel warning

Riyadh, (IINA) - The Saudi Ministry of Interior has warned citizens against travelling to Venezuela due to the security situation.Director General of public relations and information at the Ministry of Interior Maj. Gen. Mohammed bin Abdullah Al-Maraou...

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China Pakistan Economic Corridor brings 50 mega projects in Pakistan

Lahore, July 18, 2017 (PPI-OT): China Pakistan Economic Corridor (CPEC) is bringing in 50 mega projects in Pakistan, which will provide innumerable business opportunities to SMEs creating thousands of new jobs, thus curbing poverty and achieving the ultimate goal of economic prosperity in Pakistan. It has been observed in a presentation compiled by the Small and Medium Enterprises Development Authority (SMEDA) for awareness of the Chambers of Commerce and Industry on CPEC.

The Presentation discloses that out of 50 projects, 12 belong to infrastructure, 8 to Transport and 21 to the power generation. Whereas, the rest of 9 are being set up as Special Economic Zones. According to SMEDA sources, SMEDA has launched a move to make the business community aware of the opportunities carried by CPEC. In this regard, SMEDA teams led by Provincial Chiefs of Punjab, Sindh, Khyber Pakhtunkhwa and Baluchistan have started visiting Chambers of Commerce and Industry situated in the respective regions.

A meeting of this series was arranged by SMEDA-Sindh team the other day at Sukkur Chamber of Commerce and Industry. Mr. Mukesh Kumar, Provincial Chief Sindh, giving the presentation based upon SMEDA research, informed that CPEC was the World’s largest economic project, which was being set up in Pakistan under China’s Mega Plan “One Belt, One Road” (OBOR).

There are over 50 mega economic projects to be completed in Gwadar and other cities of Pakistan, which will yield a lot of SMEs alongside OBOR and CPEC, SMEDA experts said and urged the SME Community to get prepared for availing of the opportunities emerging under the mega economic development plan being implemented jointly by the governments of Pakistan and China.

Meanwhile, CEO SMEDA Fuad Hashim has urged the provincial offices of SMEDA to expedite the CPEC awareness move and also include the business and trade associations of SME sectors in it so that the benefits of this mega projects can be transferred down to the gross root level.

For more information, contact:
DGM (Admin. and PR)
Small and Medium Enterprises Development Authority (SMEDA)
4th Floor, Building No. 3, Aiwan-e-Iqbal Complex,
Egerton Road, Lahore
Tel: +92-42-111-111-456
Fax: +92-42-36304926-7
Email: aligohar@smeda.org.pk, helpdesk@smeda.org.pk
Website: www.smeda.org.pk

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OIC, UN to hold international conference on Jerusalem Thursday

Jeddah (IINA) � The Organization of Islamic Cooperation (OIC), in cooperation with the UN Committee on the Exercise of the Inalienable Rights of the Palestinian People, will hold an international conference on Jerusalem in Baku, Azerbaijan, on July 20-21.

The conference will discuss the developments in the city of Jerusalem, especially the serious aggression against Al-Aqsa Mosque, the attacks and violations aimed at judaizing Jerusalem and altering its historic landmarks as well as its Arab, Islamic and Christian character and changing its demographic structure. It will also discuss the Israeli attempts to isolate the holy city of Jerusalem from its Palestinian surroundings.

The conference will see the participation of a group of Palestinian and international thinkers, politicians and experts.

Source: International Islamic News Agency

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