SBP plans to launch digital currency

MG News | July 22, 2024 at 01:58 PM GMT+05:00

0:00

July 22, 2024 (MLN): The State Bank of Pakistan is working to introduce digital currency, currently at the evaluation stage, the deputy governor of SBP, Salimullah, said during a media briefing in Karachi today.

In collaboration with the International Monetary Fund (IMF), the World Bank is providing technical support to evaluate Pakistan's digital currency framework.

He stated that 60 countries including Middle East are being connected with Pakistan to increase remittances.

The governor said that next year, the Raast system will be linked with the Arab Monetary Fund's cross-border payment system, "Buna".

Buna enables financial institutions and central banks in the Arab region and beyond, to send and receive payments, in Arab currencies as well as key international currencies, in a safe, cost-effective, risk-controlled, and transparent environment.

With its cross-border payment services, Buna increases opportunities for economic and financial integration in the Arab region and strengthens investment ties with global trading partners.

The governor stated that 60 million Pakistanis residing abroad will be able to instantly transfer their funds. Once connected to the Buna system, Pakistanis can transfer funds at minimal costs.

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