Coronavirus breaks back of hundi business: Mian Zahid Hussain - Press Release issued by Pakistan Businessmen and Intellectuals Forum.

Karachi -- May 31, 2021 (PPI-OT)

Following is the text of press release issued by Pakistan Businessmen and Intellectuals Forum (PBIF)

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Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said coronavirus restrictions have damaged the business of illegal money transfer prompting overseas Pakistani to send money through legal channels.

Pakistan will continue to get good amount of remittances unless the travel restrictions are removed and the hundi business is revived, he said. Mian Zahid Hussain said that apart from the efforts of the government and SBP, very low-interest rates in other countries has prompted people to invest in Pakistan in the Roshan Digital Account.

Talking to the business community, the veteran business leader said that people living abroad are sending more money to their near and dear ones due to unprecedented inflation so that they can remain afloat. He lauded the decision of the State Bank of Pakistan (SBP) to keep interest rates unchanged at seven percent however said that a further reduction of two percent in the policy rate will trigger economic activity and improve revenue.

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