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SBP Announces Home Remittance Incentive Scheme for Banks

Karachi: The State Bank of Pakistan (SBP) announced incentives for banks and exchange companies to bring remittances in the country, according to news sources.

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The government has authorized the reintroduction of the incentive programme, which will be effective from July 1, 2021, to June 30, 2022, in order to support the promotion of home remittances. The programme will cover the fiscal year 2022 home remittance performance (FY22)

According to the SBP circular, if home remittances exceed the previous year in FY22, the government would provide incentives. The specifics are as follows:

  • For 5% growth, the government will offer PKR 0.50 per each incremental USD mobilized.
  • For 10% growth, the government will offer PKR 0.75 per each incremental USD mobilized.
  • For 15% growth, the government will offer PKR 1 per each incremental USD mobilized.

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According to the central bank, the post-Eid drop in remittances was smaller than the prior year. Pakistan’s remittances amounted at USD 1.87 billion in May 2020.

Remittances from foreign employees reached USD 26.7 billion in the current financial year, a 29.4 % increase over the previous year. According to estimates, the United Arab Emirates (UAE), the United States (US), the United Kingdom (UK), and Saudi Arabia received the majority of remittances inflows during the July-May fiscal year 2021.

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