Prime Minister Shehbaz Sharif inaugurated the implementation of Bona-Rast system in collaboration with Arab Monetary Fund for fast and timely transfer of funds across borders.
In this regard, a ceremony was held in Islamabad on Thursday and the purpose of this new system is to speed up remittances and transfer of funds between Arab countries.
In the ceremony, the Prime Minister said that this will increase the annual volume of remittances between Arab countries and Pakistan to more than 20 billion dollars.
Under this project, Pakistan’s digital payments system Rasat was linked to the Arab Monetary Fund’s BONA, which will facilitate timely remittances between Pakistan and the Gulf region.
The Prime Minister of Pakistan Shehbaz Sharif said in the opening ceremony that “Bona Rast will promote the convenience and business of the people, Bona Rast indicates that Pakistan is moving forward with the development of modern technology in the 21st century, this is the first cross”. The border is a money transfer system, which will further strengthen our historic relationship with the Arab countries.’
“It also has the potential to accelerate our connectivity to a broader payment model in the future where there will be region-to-region transactions, cross-border payments and remittances between the Arab region and Pakistan,” the prime minister added. will be more than 20 billion dollars annually.
The Prime Minister’s Office issued a statement after Shahbaz Sharif inaugurated the project, in which he said, “The implementation of a fast, efficient and low-cost project for remittances to Pakistanis living abroad has started.” done’
“The Bona-Rast system will enable millions of Pakistanis living in Arab countries to send money home efficiently and at low cost.”
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Pakistan receives the most remittances every month from Saudi Arabia and the United Arab Emirates, the statement of the Prime Minister’s Office said that this project will not only facilitate the transfer of funds for Pakistanis living abroad, but also Remittances will also increase.
AMF Board Director General Chairman and ARPCSO Board Chairman Fahad M. Al-Turki said in a statement in July about the Bona-Rast collaboration that “our joint efforts to promote financial inclusion and economic growth Evidence of a shared vision to create sustainable values for Leveraging the power of Bona and Rast, remittances will reach their intended recipients quickly and securely.’
Governor State Bank Jameel Ahmad said that the merger of Rast and Bona and the settlement of the Pakistani rupee in Bona is a milestone aimed at increasing the speed, security and cost of remittances and other cross-border payments between Pakistan and Arab countries. is
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2024-08-23 11:54:10
