ISLAMABAD: The State Bank of Pakistan has made it possible to exchange funds between Arab countries and Pakistan at an individual level through ‘Raast.’
According to media reports, in an important step for Pakistan’s financial sector, State Bank of Pakistan Governor Jameel Ahmad said that Pakistan’s instant payment system ‘Raast’ has been linked to the Arab Monetary Fund’s Bayona platform.
Under this arrangement, payments between Arab countries and Pakistan have become possible in rupees. As a result, trade activities between Pakistan and Arab countries will develop rapidly.
The State Bank is also working on a system under which e-wallet users in Pakistan will be able to make direct payments in China through online banking channels.
This facility will be made possible thanks to the partnership between the financial institutions of Pakistan and China. This system will make it easier to shop online and buy air tickets in China.
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The State Bank has also outlined the third National Financial Inclusion Strategy to expand banking facilities for citizens. The main objective of this strategy is to bring 75 percent of Pakistanis above the age of 18 into the banking circle by 2028. Currently, this rate is at 60 percent.
Earlier, the State Bank of Pakistan shared details about direct payments.
According to the State Bank’s statement, the value of direct payments reached 20 trillion rupees. 89.2 million transactions were made through Raast over 972 days, with an average of 9.22 billion rupees paid per day.
