SBP launches remittance reward scheme

State Bank of Pakistan Governor Jameel Ahmad inaugurated the Pasban Remittance Reward Scheme on Friday, with annual cash prizes totalling Rs16 billion. The scheme seeks to draw overseas Pakistanis toward sending money through formal banking channels. According to The Express Tribune, the Pakistan Banks Association launched it, and the banking industry alone funds it, so the national exchequer bears no burden.

Ahmad described the scheme as a sustainable, market-oriented mechanism built with the government and banks. He said remittances underpin household spending, education, healthcare and investment for millions of families. He also pointed to reserves climbing from under $3 billion in February 2023 to $21.4 billion, mostly through market purchases of foreign exchange rather than borrowing.

Workers sent a record $41.6 billion home in FY26, nearly doubling the $21.7 billion sent in FY19. Under the scheme, a beneficiary who receives at least $100 a month for three straight months in a quarter qualifies for digital entries, and larger transfers earn proportionally more.