KARACHI: The State Bank of Pakistan (SBP) has officially included exchange companies in the Pakistan Remittance Initiative (PRI) Scheme, alongside banks.
The central bank has issued a circular to this effect.
Chairman Forex Association of Pakistan, Malik Bostan, welcomed the decision, stating that the inclusion of exchange companies in the PRI is expected to double the volume of remittances. He noted that the profit margins on dollar transactions for banks and exchange companies have now been equalized.
Malik Bostan further highlighted that last year, exchange companies deposited around four billion dollars into the interbank market. He expressed confidence that with this step, the monopoly and blackmailing tactics of some international money transfer operators will come to an end.
Under the revised PRI scheme, the minimum remittance threshold has been increased from 100 dollars to 200 dollars, and no sending fee will be charged on transactions of 200 dollars or more.
Looking ahead, exchange companies have set an ambitious target to deposit eight to ten billion dollars into the interbank market within the next year, significantly strengthening Pakistan’s foreign exchange reserves.
