Latest news with #Workers'RemittancesIncentiveScheme
Business Recorder
a day ago
- Business
- Business Recorder
0.5pc appreciation
KARACHI: Rupee gained against the US dollar in the inter-bank market as it appreciated by Rs1.42 or 0.50% during the previous week. The local unit closed at 283.45, against 284.87 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP). The week-on-week gain was 93-week high, AKD Securities said, as a reported crackdown against currency smugglers helped the rupee recover against the dollar. The central bank will continue to build its dollar stockpile but at a slower pace without putting undue pressure on the rupee, according to Citigroup Inc., Bloomberg reported. The foreign exchange reserves held by the SBP decreased by $69 million during the week ending July 18, 2025, as the country made scheduled external debt repayments. According to SBP data, the central bank's reserves fell to $14.46 billion, down from $14.53 billion recorded a week earlier. Prime Minister Shehbaz Sharif decided to continue the remittance incentive scheme, directing the Ministry of Finance to immediately release funds on a priority basis for the Workers' Remittances Incentive Scheme. Open-market rates In the open market, the PKR gained 1.91 rupee for buying and 2.05 rupees for selling against USD, closing at 285.46 and 286.55, respectively. Against Euro, the PKR gained 67 paise for buying and 1.91 rupee for selling, closing at 334.25 and 336.36, respectively. Against UAE Dirham, the PKR gained 99 paise for buying and 1.22 rupee for selling, closing at 77.53 and 78.00, respectively. Against Saudi Riyal, the PKR gained 1.06 rupee for buying and 1.05 rupee for selling, closing at 75.75 and 76.30, respectively. ========================================= THE RUPEE ========================================= Weekly inter-bank market rates for dollar ========================================= Bid Close Rs. 283.45 Offer Close Rs. 283.65 Bid Open Rs. 284.46 Offer Open Rs. 284.65 ========================================= Weekly open-market rates for dollar ========================================= Bid Close Rs. 285.46 Offer Close Rs. 286.55 Bid Open Rs. 286.35 Offer Open Rs. 287.50 ========================================= Copyright Business Recorder, 2025
Express Tribune
2 days ago
- Business
- Express Tribune
PM approves creation of digital ecosystem at FBR
Prime Minister Shehbaz Sharif on Saturday granted approval for the formation of a modern and globally standard digital ecosystem in the Federal Board of Revenue (FBR), besides directed hiring of internationally renowned experts. During a meeting to review progress on the ongoing reforms in the FBR, the prime minister observed that the economy was moving in a positive direction due to the recent reforms in FBR. Ministers Muhammad Aurangzeb, Ahsad Khan Cheema, Minister of State Bilal Azhar Kayani, FBR Chairman, Chief Coordinator Musharraf Zaidi, economic experts and other senior officials attended the meeting, PM Office Media Wing said in a press release. The meeting was briefed on the progress regarding the formation of a modern digital ecosystem aimed at centralizing FBR's data and enabling real-time monitoring of the entire value chain. The prime minister, while chairing the meeting, emphasized that not only digitization, but a comprehensive digital ecosystem should be established to strengthen the new system and directed that all the relevant data, from raw material production and import, to manufacturing of goods and the final consumers' purchase, should be integrated into a single system. The prime minister said the system should be made so effective that the entire value chain could be monitored digitally in real time. He further opined that the centralized data collected under this system should be utilized for the economic strategic decision-making. The prime minister stressed that the goal of reducing taxes for the common man could only be achieved by increasing the tax base and ending the informal economy. Incentive scheme Prime Minister Shehbaz Sharif has decided to continue the incentive scheme for the remittances of overseas Pakistanis to Pakistan. He directed the Ministry of Finance to immediately release funds for the Workers' Remittances Incentive Scheme on priority basis. He said, "Overseas Pakistanis are our strength and a valuable asset of Pakistan." "The hard-earned remittances of overseas Pakistanis play an important role in the development of Pakistan, which the entire nation, including me, values," he added. In the fiscal year 2025, he said overseas Pakistanis played a key role in achieving the target of current account surplus for the first time in 14 years by sending a record high of $38.3 billion in remittances. These remittances not only helped pay the rising import bill but also helped increase foreign exchange reserves, he noted. He said "Overseas workers and businessmen play a crucial role in the country's development and progress by sending remittances to their homeland."
Business Recorder
2 days ago
- Business
- Business Recorder
Remittance incentive scheme to continue
ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday announced the continuation of the government's facilitation scheme aimed at encouraging overseas Pakistanis to remit money through formal banking channels. The initiative, titled the Workers' Remittances Incentive Scheme, seeks to support the country's economy by bolstering foreign exchange reserves and maintaining external account stability. In a directive issued to the Ministry of Finance, the prime minister ordered the immediate release of funds on a priority basis to sustain the scheme. Pakistan govt decides to continue remittance incentive scheme The move comes in the wake of a record-high $38.3 billion in remittances received during the financial year 2025 - a historic milestone that played a pivotal role in helping the country achieve a current account surplus for the first time in 14 years. 'Overseas Pakistanis are our strength and a valuable national asset,' PM Sharif said, adding that the hard-earned remittances sent by Pakistanis living abroad are deeply valued and contribute significantly to national development. He also noted that these inflows had not only helped manage the country's swelling import bill but also strengthened its foreign exchange reserves. 'From migrant labourers to expatriate businessmen, all have played an integral role in supporting Pakistan's economy through remittances.' PM Sharif affirmed his government's commitment to removing hurdles in the remittance process and making the system more efficient and accessible. The continuation of the incentive scheme is seen as part of broader efforts to formalise remittance channels and stabilise the national economy. Copyright Business Recorder, 2025
Express Tribune
2 days ago
- Business
- Express Tribune
PM to continue remittance scheme for overseas Pakistanis amid record inflows
Increase in manpower export should improve workers' remittances to around $32 billion in current fiscal year, compared to the record high of $31 billion in previous year. photo: file Listen to article Prime Minister Shehbaz Sharif has decided to continue Pakistan's facilitation scheme aimed at encouraging overseas Pakistanis to send remittances through formal channels, the Prime Minister's Office said Saturday. According to the official statement, the prime minister directed the Ministry of Finance to immediately release funds on a priority basis under the Workers' Remittances Incentive Scheme. 'Overseas Pakistanis are a vital asset and strength of the country,' said Prime Minister Shehbaz. 'The hard-earned remittances sent by them play a significant role in Pakistan's development — a contribution valued by the entire nation, including myself.' وزیرِ اعظم شہباز شریف کا بیرون ملک مقیم پاکستانیوں کی ترسیلات زر پاکستان بھیجنے کی سہولت اسکیم کو جاری رکھنے کا فیصلہ@CMShehbaz — PTV News (@PTVNewsOfficial) July 26, 2025 The premier highlighted that in the fiscal year 2025, overseas Pakistanis sent a record-high $38.3 billion in remittances. He noted this was instrumental in securing a current account surplus — Pakistan's first in 14 years — and helped meet the import bill while boosting foreign exchange reserves. Shehbaz Sharif also emphasised that contributions come from all sectors of the diaspora — from labourers to business professionals — and underscored the need to remove barriers to remittance flows. 'Efforts are ongoing to make the remittance system more efficient, effective, and user-friendly for our hardworking overseas community,' he added. The incentive scheme aims to channel more remittances through formal banking channels, a crucial factor for Pakistan's economic stability.
Business Recorder
2 days ago
- Business
- Business Recorder
Pakistan govt decides to continue remittance incentive scheme
Pakistan Prime Minister Shehbaz Sharif decided on Saturday to continue the remittance incentive scheme, directing the Ministry of Finance to immediately release funds on a priority basis for the Workers' Remittances Incentive Scheme, a statement from the Prime Minister's Office (PMO) read. The development comes a few weeks after State Bank of Pakistan's (SBP) Dr Inayat Hussain reportedly cautioned that the government's decision to curtail subsidies for promoting foreign remittances, which hit a record $38 billion in F2024-25, might reduce the flow through banking channels. 'Overseas Pakistanis are our strength and a valuable asset of the country,' PM Shehbaz was quoted as saying the PMO statement on Saturday. SBP revises Telegraphic Transfer charges scheme, raises limit to $200, includes ECs 'The hard-earned remittances sent by overseas Pakistanis play a vital role in Pakistan's development, and I, along with the entire nation, deeply value their contribution. 'These remittances not only helped in covering the rising import bill but also contributed to the increase in foreign exchange reserves,' he said. 'We are removing obstacles in the way of remittances sent by hardworking overseas Pakistanis and making the system more effective, efficient, and user-friendly.' The inflow of overseas workers' remittances into Pakistan stood at $38.3 billion in fiscal year 2024-25, the highest-ever in the country's history, the SBP data showed. Remittances increased by 27% year over year, compared to $30.25 billion recorded in the previous fiscal. Home remittances play a significant role in supporting the country's external account, stimulating Pakistan's economic activity as well as supplementing the disposable incomes of remittance-dependent households.
