On Wednesday, the Economic Coordination Committee (ECC) of the Cabinet was informed that to continue the positive trajectory of transmittals, the State Bank of Pakistan (SBP) will launch a mobile app, NRLP.
The ECC approved the structure and estimated the financial impact of the National Remittance Loyalty Program (NRLP) app, which is scheduled to be launched in October 2021.
The meeting was chaired by the Federal Minister for Finance and Revenue, Shaukat Tarin. The mobile app NRLP will offer incentives and bonuses to Pakistani residing overseas against each remittance transaction according to pre-set criteria.
SBP to Launch NRLP to Incentivize Remittance Transactions
Furthermore, the Secretary of Finance presented a comprehensive presentation on NRLP before the Committee. He asserted that remittances form the backbone of the economy.
In addition to this, the proactive policy measures by the Government and the State Bank of Pakistan (SBP) have incentivized the Pakistanis residing abroad and urged them to remit their hard-earned money through approved channels. This notion has contributed to attaining a record remittance of $29.4 billion in the last monetary year. It’s a transparent reflection of faith in Pakistan’s economy by overseas Pakistanis.
In addition to this, the Finance Minister was advised to exercise due diligence before the rollout for smooth integration with all service providers to guarantee the smooth functioning of NRLP.
Federal Interior Minister, Sheikh Rasheed Ahmed, Federal Minister for Privatization, Muhammad Mian Soomro, Federal Minister for Energy, Hammad Azhar, Federal Minister for Planning and Development, Asad Umar, Advisor to the PM on Commerce, Abdul Razak Dawood, Advisor to the PM on Institutional Reforms and Austerity, Dr. Ishrat Hussain, SAPM on Power & Petroleum, Tabish Gauhar, SAPM on Finance and Revenue, Dr. Waqar Masood, Federal Secretaries, and other senior officers graced the council meeting.
Source: Pro Pakistani