Since the launch of Pakistan Remittance Initiative (PRI), there has been an upward trend of receiving remittances using formal financial channels that were previously sent through informal means of hawala and hundi. The Government of Pakistan have also announced another scheme to promote remittances using m-wallets where if the beneficiary choose to receive remittances in their mwallet, they will receive airtime worth of Rs.
The Bundesbank is a proud founding member of the NGFS, the Central Banks and Supervisors Network for Greening the Financial System. The work being done by the NGFS demonstrates that combating climate change is a key factor for the financial system. Climate change can have long-term impacts on economic structures and activities, productivity and other key macro variables, such as prices.