PIAF Calls for Continuation of Remittance Incentives to Sustain Foreign Exchange Inflows

By Dr. Ansab Ali | Lahore, Pakistan
LAHORE: The Pakistan Industrial and Traders Associations Front (PIAF) has urged the federal government and the State Bank of Pakistan (SBP) to continue incentive schemes that encourage overseas Pakistanis to send remittances through formal banking channels, saying sustained remittance growth is essential for economic stability and strengthening the country’s foreign exchange reserves.
PIAF Chairman Faheemur Rehman Saigol, who also serves as President of the Lahore Chamber of Commerce and Industry (LCCI), made the appeal in a joint statement with PIAF Senior Vice Chairman Nasrullah Mughal and Vice Chairman Tahir Manzoor Chaudhry.
Faheemur Rehman Saigol said overseas Pakistanis have played an outstanding role in supporting the national economy by sending record remittances despite global economic uncertainty and regional challenges. He noted that these inflows have strengthened Pakistan’s external account, improved foreign exchange liquidity, and eased pressure on the balance of payments.
He said policies aimed at facilitating remittances through formal channels have delivered encouraging results in recent years and should be continued to maintain the confidence of expatriate Pakistanis. According to him, consistent policies are vital to ensuring that official remittance channels remain attractive, convenient, and competitive.
The PIAF Chairman described remittances as one of Pakistan’s most reliable sources of foreign exchange, providing crucial support during periods of economic stress. He said the steady rise in remittance inflows has helped stabilize the exchange rate, strengthen foreign exchange reserves, and boost investor confidence as well as the country’s credibility with international financial institutions.
The PIAF leadership stated that Pakistan has achieved significant progress in increasing remittance inflows through coordinated efforts by the government, the State Bank of Pakistan, financial institutions, and overseas Pakistanis. They stressed that these gains must be protected, particularly as the country seeks sustainable economic growth, higher exports, and stronger macroeconomic stability.
They emphasized that overseas Pakistanis deserve every possible facilitation in recognition of their invaluable contribution to the national economy. Maintaining an effective and stable remittance framework, they said, would not only encourage greater inflows but also discourage the use of informal money transfer channels, with every additional dollar received through official channels strengthening Pakistan’s external financial position.
The PIAF office-bearers also highlighted the broader economic impact of remittances, noting that they directly support millions of households by improving living standards, increasing purchasing power, and stimulating economic activity in both urban and rural areas. They added that strong remittance inflows also benefit trade, industry, and investment across the country.
Calling for a long-term strategy, Faheemur Rehman Saigol, Nasrullah Mughal, and Tahir Manzoor Chaudhry urged policymakers to continue successful remittance promotion measures while introducing new initiatives to simplify remittance procedures, enhance digital payment infrastructure, and strengthen engagement with the Pakistani diaspora.
The PIAF leaders expressed confidence that policy continuity, investor-friendly reforms, and sustained support for overseas Pakistanis would further increase remittance inflows, reinforce economic stability, strengthen foreign exchange reserves, and support Pakistan’s long-term sustainable and inclusive economic growth.