SBP launches Pasban Remittance Rewards

September 25, 2026 (MLN): The State Bank of Pakistan (SBP) has launched the Pasban Remittance Rewards program to encourage overseas Pakistanis to send foreign remittances through formal banking channels, according to SBP Governor Jameel Ahmad.

It offers Rs16 billion in annual cash prizes to recognize and reward remittance customers using banking channels for home remittances sent to Pakistan.

The scheme is funded entirely by the banking industry and does not entail any burden on the national exchequer.

Developed under the patronage of the SBP, the scheme aims to further encourage overseas Pakistanis to use formal banking channels for sending remittances to their families and loved ones in Pakistan.

The Pasban Remittance Rewards program replaces the Sohni Dharti Remittance Program (SDRP) and the Telegraphic Transfer (TT) Charges incentive scheme, both of which were formally discontinued by the SBP on July 1, 2026.

The previous schemes were discontinued amid conditions and scrutiny under the International Monetary Fund (IMF) program. However, users can still redeem their legacy Sohni Dharti points until June 30, 2027, while no new points are being issued under the previous program.

Governor Jameel Ahmad said the new framework is focused on maintaining incentives for overseas Pakistanis while aligning the country’s remittance mechanism with its broader macroeconomic framework.

He said Pakistan’s goods import bill for the current year is being managed at around $68 billion to $70 billion, compared with $72 billion in 2022, highlighting efforts to manage the country’s external position.

The governor further said that Pakistan has achieved a foreign exchange reserve position sufficient to cover three months of the country’s import bill, a key benchmark for external stability.

He emphasized that increasing foreign exchange inflows remains a priority, with the SBP focused on facilitating exporters to support the country’s economic recovery.

Governor Jameel Ahmad specifically highlighted the textile sector, stressing the need to address exporters’ issues and facilitate their operations to maximize export revenues.

The Governor pointed to a marked strengthening of the external account position, noting that the current account deficit, which had reached unsustainable levels in FY22 and triggered a rapid depletion of FX reserves, has since been brought under control.

SBP reserves, which had fallen below $3.0bn in February 2023, now stand at $21.4bn, with the buildup driven mainly by market purchases rather than external borrowing.

He credited overseas Pakistanis for the record $41.6bn in workers' remittances recorded in FY26, up from $21.7bn in FY19  nearly double over the period.

Governor Jameel Ahmad said these numbers reflect hard-earned stability that can help break the economy's boom-bust cycles and set it on a more sustainable growth path.

He cited a series of supporting reforms, including export-related tax incentives in the current budget, SBP-designed long-term financing and performance-based rebate schemes, an expanded scope for the Roshan Digital Account to include foreign investors and residents with declared foreign assets, outreach efforts such as a recent UK awareness session, and facilitation for IT firms and freelancers to open and retain export proceeds in foreign currency accounts.

He further noted that earlier Home Remittance Incentive Schemes had helped build the market, draw more institutions into the ecosystem, and expand the infrastructure needed to process rising remittance volumes.

As costs of those schemes grew alongside the market, the Government and SBP moved gradually toward a more sustainable, market-based model in coordination with banks.

The Governor termed Pasban's launch the next step in that transition, one that would preserve the appeal of formal channels while honouring the contribution of overseas Pakistanis, and thanked the PBA and the banking industry for their partnership in developing the scheme.

Briefing participants on the scheme, PBA CEO and Secretary General Muneer Kamal called Pasban the latest in a coordinated series of steps by SBP, the Government and the industry to support the external sector.

He said the scheme builds on the remitter incentive banks have funded since July 2026, taking the industry's annual commitment to close to Rs100bn.

He added that banks had also voluntarily cut the Export Refinance Facility markup by 3.0 percentage points to 4.50% on new loans and rollovers, within the Rs1,052bn ERF limit, in support of the Government's export-led growth agenda, alongside Exim Bank financing for SME exporters.

Muneer Kamal outlined the scheme's key features:

PBA Chairman Zafar Masud said Pakistan's banks have consistently stepped up  absorbing the Rs80bn remitter incentive, cutting export refinance rates for exporters, expanding private, agricultural and SME lending to record levels, and supporting circular debt resolution.

He said overseas Pakistanis are an equally vital part of this story, and that Pasban recognizes their contribution in partnership with the SBP and the Government.

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