Govt Increases Banks Incentives to enhance Foreign Remittances

September 21, 2023

State Bank of Pakistan in its EPD Circular Letter No. 15 of 2023, In Order To promote increased mobilization of home remittances through formal channels by domestic financial institutions (FIs), the Government of Pakistan has approved the following revisions to the scheme:

Financial institutions that successfully boost their home remittances compared to the previous fiscal year (FY2022-23) will receive a performance-based incentive by the end of FY2023-24. The cash incentives will be as follows:

Rs1 per USD for incremental home remittances up to five percent.
Rs2 per USD for incremental home remittances between five and ten percent.
Rs3 per USD for incremental home remittances exceeding ten percent.
This scheme will be in effect starting from FY2023-24 and will continue indefinitely.”