KARACHI: The State Bank of Pakistan (SBP) has initiated a home remittances incentive scheme for banks in order to facilitate overseas Pakistanis to use formal banking channels while sending remittances to Pakistan.
As per the circular issued, the main motive is to market home remittances to provide incentive for banks and financial institutions.
According to details, PKR 0.50 will be rewarded to exchange companies and banks for each incremental USD over five percent growth for the present year in comparison to the previous financial year.
Similarly, PKR 0.75 will be rewarded per each incremental USD to banks and exchange companies for over 10 percent growth in the current financial year.
PKR 1 will be rewarded for each incremental USD with 15 percent growth.
The government is working to facilitate overseas Pakistanis to send remittances in an effective and hurdle free manner.
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