Islamabad: The “Pasban Remittance Reward” scheme has been launched to encourage overseas Pakistanis to send remittances through banking channels. Cash prizes of Rs 16 billion will be distributed every year under the scheme.
State Bank Governor Jamil Ahmed, while inaugurating the scheme, said that remittances coming through formal banking channels play an important role in the country’s economy. According to him, the aim of this scheme is to encourage overseas Pakistanis to send money through legal and safe channels.
Jamil Ahmed said that in February 2023, the State Bank’s foreign exchange reserves had reached about $3 billion. Now these reserves have reached the level of $21.4 billion. He said that the increase in the current reserves has been through purchasing foreign exchange from the market instead of external loans.
According to the Governor State Bank, remittances from workers have also increased significantly in the last few years. In the financial year 2019, this amount was $21.7 billion, which increased to a historic level of $41.6 billion in the financial year 2026.
He said that the funds coming from abroad are used to meet the financial needs of millions of Pakistani families. Apart from domestic expenditure, remittances are also an important source for education, health, investment and other needs.
An important feature of this scheme is that its expenses will be borne by the banking industry rather than the government or the national treasury.
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