SBP ends Incentive Schemes for Home Remittances from July 1

MG News | June 30, 2025 at 10:48 PM GMT+05:00

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June 30, 2025 (MLN): The State Bank of Pakistan (SBP) has discontinued two major incentive schemes, which were designed to promote the inflow of home remittances through formal channels. Both schemes will cease to be effective from July 1, 2025.

In two separate circulars issued on June 30, 2025, the central bank informed stakeholders of these policy changes:

Incentive Scheme for Marketing of Home Remittances: SBP notified all Authorized Dealers, Microfinance Banks, and Exchange Companies that this scheme, earlier outlined in EPD Circular Letter No. 15 of 2023, will stand discontinued from July 1, 2025.

Exchange Companies Incentive Scheme (ECIS): Similarly, via another notification, SBP conveyed to Exchange Companies that the ECIS, referenced in EPD Circular Letter No. 10 of 2024, will also be discontinued from the same date.

The central bank has instructed all concerned institutions to inform their constituents accordingly.

These measures indicate a shift in SBP’s approach towards facilitating home remittance inflows, which have been a critical source of foreign exchange for Pakistan.

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