K-P CM Gandapur urges overseas Pakistanis to send remittances via Bank of Khyber
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Khyber-Pakhtunkhwa (K-P) Chief Minister Ali Amin Gandapur has called on overseas Pakistanis to send remittances through the Bank of Khyber, emphasising the need to strengthen financial institutions for economic stability.
Speaking at the launch of the bank's Islamic banking service, Gandapur praised the initiative, stating that an interest-free banking system was essential for economic progress.
'A well-structured financial system is crucial for any country or province. Strengthening our institutions is a priority,' he said.
The chief minister also highlighted the province's economic performance, stating that K-P was meeting its targets in line with International Monetary Fund (IMF) requirements.
'Investors will receive incentives from the government, and these measures will enhance confidence in the Bank of Khyber and our administration,' he added.
Bank of Khyber Chairman Ikramullah Khan, also speaking at the event, announced that Islamic banking branches would be expanded across the country in accordance with State Bank of Pakistan guidelines.
Addressing security concerns, Gandapur said that Rs2 billion had been allocated for installing CCTV cameras and security checkpoints.
'We will not back down. Those responsible for unrest will not be spared, and we will root out terrorism completely,' he stated.
The chief minister also touched upon the longstanding tensions in Kurram district, claiming that external forces were exploiting the situation.
He reaffirmed that the government was committed to resolving the matter through both dialogue and decisive action.
Earlier, PTI founder Imran Khan had called on overseas Pakistanis to boycott remittances.
He had urged overseas Pakistanis to boycott sending remittances, escalating political tensions as his party, Pakistan Tehreek-e-Insaf (PTI), faces off with the government.
However, Pakistan's workers' remittances recorded a strong inflow of $3 billion in January 2025, reflecting a 25.2% year-on-year (YoY) growth and marking the fourth consecutive current account surplus in 2025.
Cumulatively, from July to January of the fiscal year 2025, remittances reached $20.8 billion, marking a 31.7% increase compared to $15.8 billion in the same period last year, according to the State Bank of Pakistan (SBP).
Major sources of remittance inflows in January included Saudi Arabia ($728.3 million), the United Arab Emirates ($621.7 million), the United Kingdom ($443.6 million), and the United States ($298.5 million).
Analysts expect this upward trend to continue, with Sana Tawfiq, Head of Research at Arif Habib Limited (AHL), stating, "The surge aligns with market expectations."
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