{"id":83711,"date":"2022-02-08T10:48:36","date_gmt":"2022-02-08T05:48:36","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=83711"},"modified":"2022-02-08T10:48:41","modified_gmt":"2022-02-08T05:48:41","slug":"sbp-incentives-scheme-remittances","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/sbp-incentives-scheme-remittances.html","title":{"rendered":"SBP launches incentive scheme to boost remittances"},"content":{"rendered":"\n<p>Karachi: The State of Pakistan (SBP) on Friday (February 4) has launched an incentive scheme to boost home remittances through improving foreign exchange liquidity and formal channels in the interbank market, according to news sources.\u00a0<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/sbp-p2p-fund-transfer-system.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP launches Pakistan\u2019s first P2P fund transfer system<\/a><\/p>\n\n\n\n<p>Under the said incentive, the exchange companies will have to surrender 100% of home <a href=\"https:\/\/www.zameen.com\/news\/expats-sent-usd-8bn-first-quarter-fy-2021-22.html\" target=\"_blank\" rel=\"noreferrer noopener\">remittances <\/a>mobilised in the interbank market. In return, they will get PKR 1 against every US dollar surrendered. It is important to note that the exchange companies were, previously, required to surrender 15% of the home remittances.\u00a0<\/p>\n\n\n\n<p>Moreover, the incentive of PKR 1 for every US dollar surrendered will be fixed irrespective of the exchange rate. According to the circular issued by the SBP, the incentive will not exceed 1% of the exchange rate in case the rupee appreciates.&nbsp;<\/p>\n\n\n\n<p>Chairman Exchange Companies Association of Pakistan Malik Bostan stated that slowing the demand for the dollar is a good step. He went on to say that they have been waiting for such incentives for a long time.\u00a0<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/sbp-monetary-9-75-pc-growth.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP maintains monetary rate of 9.75 pc amid growth<\/a><\/p>\n\n\n\n<p>Reportedly, the chairman mentioned that they have asked SBP to provide 100 Money Transfer Operators (MTOs) to boost remittances. The said scheme will help improve foreign exchange liquidity in the interbank market. The incentive provided is expected to encourage exchange companies to bring more home remittances by reaching out to a wide set of remitters and beneficiaries in the country.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: The State of Pakistan (SBP) on Friday (February 4) has launched an incentive scheme to boost home remittances through improving foreign exchange liquidity and formal channels in the interbank market, according to news sources.\u00a0 Read: SBP launches Pakistan\u2019s first P2P fund transfer system Under the said incentive, the exchange companies will have to surrender 100% of home remittances mobilised in the interbank market. In return, they will get PKR 1 against every US dollar surrendered. It is important to note that the exchange companies were, previously, required to surrender 15% of the home remittances.\u00a0 Moreover, the incentive of PKR 1 for every US dollar surrendered will be fixed irrespective of the exchange rate. According to the circular issued by the SBP, the incentive will not exceed 1% of the exchange rate in case the rupee appreciates.&nbsp; Chairman Exchange Companies Association of Pakistan Malik Bostan stated that slowing the demand for the dollar is a good step. He went on to say that they have been waiting for such incentives for a long time.\u00a0 Read: SBP maintains monetary rate of 9.75 pc amid growth Reportedly, the chairman mentioned that they have asked SBP to provide 100 Money Transfer Operators (MTOs)&hellip;<\/p>\n","protected":false},"author":83,"featured_media":76277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[51030,51029,21853],"persona":[],"class_list":{"0":"post-83711","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-incentives-scheme-launched-to-boost-home-remittances","9":"tag-sbp-launches-incentive-scheme-to-boost-remittances","10":"tag-state-bank-of-pakistan-sbp","11":"cat-15017-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 launches incentive scheme to boost remittances - Zameen News<\/title>\n<meta name=\"description\" content=\"The State of Pakistan (SBP) on Friday (February 4) has launched an incentive scheme to boost home remittances through improving foreign exchange liquidity..\" \/>\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-incentives-scheme-remittances.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBP launches incentive scheme to boost remittances - Zameen News\" \/>\n<meta property=\"og:description\" content=\"The State of Pakistan (SBP) on Friday (February 4) has launched an incentive scheme to boost home remittances through improving foreign exchange liquidity..\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/sbp-incentives-scheme-remittances.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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