{"id":77695,"date":"2021-07-07T12:00:00","date_gmt":"2021-07-07T07:00:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=77695"},"modified":"2021-07-07T11:37:19","modified_gmt":"2021-07-07T06:37:19","slug":"sbp-incentive-scheme","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/sbp-incentive-scheme.html","title":{"rendered":"SBP announces home remittance incentive scheme for banks"},"content":{"rendered":"\n<p>Karachi: The State Bank of Pakistan (SBP) on Monday announced incentives for banks and exchange companies to bring remittances in the country, according to news sources.<\/p>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/rda-strengthen-national-economy-sbp-governor.html\" target=\"_blank\" rel=\"noreferrer noopener\">RDA linked diaspora to strengthen national economy: SBP Governor<\/a><\/p>\n\n\n\n<p>The government has authorised the reintroduction of the incentive programme, which will be effective from July 1, 2021, to June 30, 2022, in order to support the promotion of home remittances. The programme will cover the fiscal year 2022 home remittance performance (FY22)<\/p>\n\n\n\n<p>According to the SBP circular, if home remittances exceed the previous year in FY22, the government would provide incentives. The specifics are as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>For 5% growth, the government will offer PKR 0.50 per each incremental USD mobilised.<\/li><li>For 10% growth, the government will offer PKR 0.75 per each incremental USD mobilised.<\/li><li>For 15% growth, the government will offer PKR 1 per each incremental USD mobilised.<\/li><\/ul>\n\n\n\n<p>According to the central bank, the post-Eid drop in remittances was smaller than the prior year. Pakistan&#8217;s <a href=\"https:\/\/www.zameen.com\/news\/pakistan-receives-usd-2bn-in-remittances-for-10th-month.html\" target=\"_blank\" rel=\"noreferrer noopener\">remittances<\/a> amounted at USD 1.87 billion in May 2020.<\/p>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/sbp-allows-banks-invest-more-capital-in-real-estate.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP allows Banks to invest more capital in real estate<\/a><\/p>\n\n\n\n<p>Remittances from foreign employees reached USD 26.7 billion in the current financial year, a 29.4 % increase over the previous year. According to estimates, the United Arab Emirates (UAE), the United States (US), the United Kingdom (UK), and Saudi Arabia received the majority of remittances inflows during the July-May fiscal year 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: The State Bank of Pakistan (SBP) on Monday announced incentives for banks and exchange companies to bring remittances in the country, according to news sources. Read: RDA linked diaspora to strengthen national economy: SBP Governor The government has authorised the reintroduction of the incentive programme, which will be effective from July 1, 2021, to June 30, 2022, in order to support the promotion of home remittances. The programme will cover the fiscal year 2022 home remittance performance (FY22) According to the SBP circular, if home remittances exceed the previous year in FY22, the government would provide incentives. The specifics are as follows: For 5% growth, the government will offer PKR 0.50 per each incremental USD mobilised. For 10% growth, the government will offer PKR 0.75 per each incremental USD mobilised. For 15% growth, the government will offer PKR 1 per each incremental USD mobilised. According to the central bank, the post-Eid drop in remittances was smaller than the prior year. Pakistan&#8217;s remittances amounted at USD 1.87 billion in May 2020. Read: SBP allows Banks to invest more capital in real estate Remittances from foreign employees reached USD 26.7 billion in the current financial year, a 29.4 % increase over&hellip;<\/p>\n","protected":false},"author":83,"featured_media":76276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15016],"tags":[46715,46713,46714,46708],"persona":[],"class_list":{"0":"post-77695","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-developments","8":"tag-exchange-companies","9":"tag-home-remittances","10":"tag-incentive-scheme-for-banks","11":"tag-sbp-announces-home-remittance-incentive-scheme-for-banks","12":"cat-15016-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SBP announces remittance incentive scheme for banks - Zameen News<\/title>\n<meta name=\"description\" content=\"The State Bank of Pakistan (SBP) on Monday announced incentives for banks and exchange companies to bring remittances in the country....\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/sbp-incentive-scheme.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBP announces remittance incentive scheme for banks - Zameen News\" \/>\n<meta property=\"og:description\" content=\"The State Bank of Pakistan (SBP) on Monday announced incentives for banks and exchange companies to bring remittances in the country....\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/sbp-incentive-scheme.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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