Karachi: The State Bank of Pakistan (SBP) has raised the charges for remittances transferred through domestic/international commercial banks and currency exchanges – in a bid to shore up the country’s cash inflows through legal channels, a news source reported.
According to details, the government has doubled the funds transfer fee to SAR 20 (approximately USD 5) for international fund transfer firms – on a transaction between USD 100-200 to Pakistan. Previously the charges were paid on a minimum amount of USD 200 – now reduced to USD 100.
The move is expected to have a dual effect of incentivising overseas Pakistanis to send money home – even if it’s a smaller amount – through legal means. Pakistan has attracted remittances worth PKR 17 billion for the first 9 months of current fiscal year. As per reports, an additional amount, estimated at USD 7-8 billion, is also sent illegally through hundi/hawala annually.
