SBP introduces reimbursement scheme to boost remittance inflows

MG News | October 08, 2024 at 05:43 PM GMT+05:00

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October 08, 2024 (MLN): To further incentivize the ADs and MFBs to maximize their efforts for increasing remittance inflows, the State Bank of Pakistan (SBP) has decided to fix a reimbursement of SAR 20 for all eligible home remittance transactions of $100 and above.

Moreover, an additional reimbursement of SAR 08, per incremental eligible transaction, will be made for up to 10% or $100 million growth in home remittances over the previous year (whichever is lower).

Further, additional reimbursement of SAR 07, per incremental eligible transaction, will be made for growth exceeding 10% or $100 million in home remittances over the previous year.

The performance of ADs/MFBs will be evaluated by SBP on a monthly basis and payments would be reimbursed accordingly.

Any required adjustment in payments, on a consolidated basis, would be made in the last quarter of the Fiscal Year.

The above revisions shall take effect from October 01, 2024, the central bank said.

The operational instructions related to implementation of the T.T Charges scheme will be communicated separately.

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