KARACHI: In a major move to facilitate overseas Pakistanis, the State Bank of Pakistan (SBP) has allowed exchange companies to use the Raast payment system to receive remittances instantly.

The exchange companies are the third-largest component of foreign exchange inflows to Pakistan, accounting for up to $4.5 billion annually.

The foreign direct investment (FDI) has been declining, and Finance Minister Muhammad Aurangzeb admitted that international companies are leaving the country due to the high cost of production, but urged multinationals to review their business models.

At the same time, exports have not performed well, even though the government has set an ambitious target of $60 billion. This is the reason the SBP has been looking for higher inflows from overseas, for which the government is

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