SBP to launch rewards for inward remittances State Bank of Pakistan

SBP to launch rewards for inward remittances

ISLAMABAD: State Bank of Pakistan (SBP) will launch incentives/ rewards for overseas Pakistanis on transactions of inward remittances.

The SBP will launch a mobile phone application for overseas Pakistanis, which will offer incentives/rewards to overseas Pakistani against each remittance transaction in accordance under criteria.

The above application will be formally launched towards the end of October 2021, this was discussed at a meeting of Economic Coordination Committee (ECC) of the Cabinet of Wednesday.

Finance Minister Shaukat Tarin chaired the meeting. The Secretary Finance made a detailed presentation on National Remittance Loyalty Program (NRLP) before the Committee.

He stated that remittances form backbone of the economy. The proactive policy measures by the Government and the SBP have incentivised the overseas Pakistanis and encouraged them to remit their hard earned money through formal channels.

This has contributed in achieving record remittance of $29.4 billion in the last fiscal year. It’s a clear reflection of confidence in Pakistan’s economy by overseas Pakistanis.

After due deliberations, the ECC approved the structure and estimated financial impact of the NRLP with a view to incentivize remitters to transfer funds through formal channels thus further strengthening the inflow of remittances.

The Finance Minister directed to exercise due diligence before the launch for seamless integration with all service providers to ensure smooth working of NRLP.

Among others, Federal Minister for Interior Sheikh Rasheed Ahmed, Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for Energy Hammad Azhar, Federal Minister for Planning and Development Asad Umar, Advisor to the PM on Commerce Abdul Razak Dawood, Advisor to the PM on Institutional Reforms and Austerity Dr. Ishrat Hussain, SAPM on Power & Petroleum Tabish Gauhar, SAPM on Finance and Revenue Dr. Waqar Masood, Federal Secretaries and other senior officers participated in the meeting. Governor State Bank of Pakistan Reza Baqir also participated through a video link.