The Economic Coordination Committee (ECC) of the Cabinet has approved revisions to the Remittances Incentive Schemes to encourage increased remittance inflows to Pakistan.
The Reimbursement of Telegraphic Transfer (TT) Charges Scheme has been revised to include a fixed component of SAR 20 and a variable component linked to incremental remittance growth. Banks will receive higher rewards based on their performance in mobilizing remittances.
The Incentive Scheme for Exchange Companies (ECS) has also been revised with an increased base rate and a variable component linked to remittance growth. ECSs will receive higher rewards for mobilizing more remittances.
These revisions are expected to incentivize banks and exchange companies to increase remittance inflows, thereby boosting Pakistan’s foreign exchange reserves.
The ECC also approved the Ministry of Communications’ proposal to proceed with the construction of the KKH (Thakot-Raikot) section under the CPEC project. Additionally, the ECC authorized the Ministry of Communications to proceed with the procurement of consultancy services for the Chakdara-Timergara road project.