SBP raises remittance limit for freelancers

KARACHI: The State Bank of Pakistan (SBP) has enhanced payment limits for individual freelancers to as high as $25,000 per month from foreign firms, raising the amount from the earlier cap of $5,000.

The increase in the amount of transaction is aimed at raising the volume of much-needed workers’ remittances as freelancers are allowed to attract their income through the home remittance channel.

“The enhancement in the limit will facilitate freelancers to route greater value of funds through a more economical and efficient channel of home remittances and help in receiving foreign exchange flows through formal banking channels in the country,” the SBP said in a statement on Wednesday.

This would also enable freelancers to expand their businesses/operations and engage new freelancers to join the workforce. This is expected to create employment opportunities in the country