The State Bank of Pakistan (SBP) has launched the Pasban Remittance Rewards program to encourage overseas Pakistanis to send foreign remittances through formal banking channels. SBP Governor Jameel Ahmad announced the new initiative, which is designed to provide incentives to remittance beneficiaries while supporting foreign exchange inflows and strengthening Pakistan’s external position. The program introduces a digital reward mechanism for eligible remittance transactions and replaces two earlier incentive arrangements that were discontinued by the central bank in July 2026.
Pasban Remittance Rewards replaces the Sohni Dharti Remittance Program and the Telegraphic Transfer (TT) Charges incentive scheme, both of which were formally discontinued by the SBP on July 1, 2026. The previous programs were discontinued amid conditions and scrutiny associated with Pakistan’s International Monetary Fund program. However, holders of legacy Sohni Dharti points can continue to redeem them until June 30, 2027, while no new points are being issued under the discontinued program.
Governor Jameel Ahmad said the new framework is intended to maintain incentives for overseas Pakistanis while bringing the remittance mechanism into alignment with Pakistan’s broader macroeconomic framework. He highlighted the role of remittances in supporting the country’s foreign exchange position and said increasing foreign exchange inflows remains a priority for the central bank. According to the governor, Pakistan’s goods import bill is currently being managed at around $68 billion to $70 billion, compared with $72 billion in 2022, while the country has built foreign exchange reserves equivalent to around three months of import payments.
Ahmad also pointed to the improvement in Pakistan’s external account position. He said the current account deficit had reached unsustainable levels in fiscal year 2022 and contributed to a rapid depletion of foreign exchange reserves, but the position has since been brought under control. SBP reserves, which had fallen below $3 billion in February 2023, have now reached $21.4 billion. The governor said the accumulation has been driven mainly by market purchases rather than external borrowing, highlighting the role of increased foreign exchange inflows in rebuilding the reserve position.
Overseas Pakistanis have also contributed significantly to the improvement in remittance inflows. Ahmad said workers’ remittances reached a record $41.6 billion in fiscal year 2026, compared with $21.7 billion in fiscal year 2019. He described the increase as part of the stability achieved in Pakistan’s external position and said the improvement could help reduce the economy’s recurring boom-and-bust cycles and support a more sustainable growth path.
The governor also highlighted several reforms supporting exports and foreign exchange inflows. These include export-related tax incentives introduced through the current budget, long-term financing and performance-based rebate schemes designed by the SBP, and an expanded scope for Roshan Digital Accounts that allows participation by foreign investors and residents with declared foreign assets. He also referred to outreach initiatives, including a recent awareness session in the United Kingdom, as well as measures facilitating information technology companies and freelancers in opening and retaining export proceeds in foreign currency accounts.
According to Pakistan Banks’ Association (PBA) CEO and Secretary General Muneer Kamal, Pasban forms part of a series of coordinated measures by the SBP, the government and the banking industry to support Pakistan’s external sector. He said the scheme builds on the remitter incentive funded by banks since July 2026, taking the industry’s annual commitment to nearly Rs100 billion. Kamal also said banks had voluntarily reduced the markup on the Export Refinance Facility by 3 percentage points to 4.50% for new loans and rollovers within the Rs1,052 billion facility limit, alongside Export-Import Bank of Pakistan financing for small and medium-sized exporters.
Under the Pasban program, a beneficiary receiving the equivalent of at least $100 in remittances each month for three consecutive months within a quarter and receiving the funds into a bank account becomes eligible for entries. Participants receive one digital, non-transferable entry for every $100 remittance transaction, with higher remittance amounts generating proportionally more entries. For example, $100, $200 and $300 received over three months would generate one, two and three entries respectively, resulting in six entries for the quarter.
The program will distribute 2,521 prizes worth a combined Rs4 billion every quarter. The prize structure includes one first prize of Rs100 million, 20 second prizes of Rs25 million each, 100 third prizes of Rs10 million each and 2,400 fourth prizes of Rs1 million each. The annual payout is expected to reach Rs16 billion and benefit more than 10,000 winners. Prize allocation will cover different regions, with 50% allocated to the Gulf Cooperation Council, 15% to the United Kingdom, 15% to Europe, 10% to North America and 10% to other countries. The first prize will remain open to participants from all regions.
The first Pasban draw is scheduled for January 15, 2027, and will cover eligible remittances received between October 1 and December 31, 2026. The process will be fully digital, secure and auditable, and participation will be free of charge. No fee, ticket purchase, minimum balance or other payment will be required from participants.
PBA Chairman Zafar Masud said Pakistan’s banking sector has continued to support measures related to remittances, exports and domestic financing. He noted that banks have absorbed the Rs80 billion remitter incentive, reduced export refinance rates, expanded private-sector, agricultural and small and medium-sized enterprise lending to record levels, and supported efforts related to circular debt resolution. He said overseas Pakistanis are also an important part of the country’s economic framework and that Pasban recognises their contribution through a partnership involving the SBP, government and banking industry.
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