Remittance data via ITRS: SBP tells ADs to report original country of remitter

In order to bring more clarity in the home remittances' data, the State Bank of Pakistan (SBP) has strictly advised authorized dealers to report the original country of remitter while reporting home remittance data through International Transaction Reporting System (ITRS).
According to the SBP, it has been observed that authorized dealers report country of location of head offices of the money transfer companies while reporting data on workers' remittances instead of original country of the remitter.
For example, IME Malaysia may mobilize funds from UAE, however, all remittances mobilized by IME are reported from Malaysia which leads to improper position of country-wise statistics. Therefore, the SBP has strictly advised all authorized dealers to report the original country of remitter while reporting data through ITRS.
Keeping in view the developments required at Information Technology side and acquisition of data from money transfer companies, the authorized dealers will start data reporting according to original country of remitter from July 2020 onwards.
To produce the comparable data series the authorized dealers will also report the revised data from July 2019 to June 2020 by 15th July 2020, the SBP maintained.