SBP reintroduces incentive scheme for banks for promoting inflow of home remittances

SBP reintroduces incentive scheme for banks for promoting inflow of home remittances

KARACHI: State Bank of Pakistan (SBP) on Monday reintroduced incentive scheme for banks to attract home remittances through formal channels.

The SBP said that in order to further encourage promotion of home remittances through formal channels, the government of Pakistan has approved reintroduction of subject scheme with effective from July 01, 2021 to June 30, 2022 to cover home remittance performance for FY2021-22 compared to that of FY2020-21 as given below:

1. Home remittances exceeding 5 per cent growth in FY22 (July 01, 2021 to June 30, 2022) compared with the levels achieved in FY21 (July 1, 2020 to June 30, 2021): the incentive shall be Rs 0.50 per each incremental USD mobilized over 5 per cent growth.

2. Home remittances exceeding 10 per cent growth in FY22 (July 01, 2021 to June 30, 2022) compared with the levels achieved in FY21 (July 1, 2020 to June 30, 2021): As per (1) above, plus, Rs0.75 per each incremental USD mobilized over 10 per cent growt.

3. Home remittances exceeding 15 per cent growth in FY22 (July 01, 2021 to June 30, 2022) compared with the levels achieved in FY21 (July 1, 2020 to June 30, 2021): As per (b) above, plus, Rs1 per each incremental USD mobilized over 15 per cent growth.