SBP increases remittance limit for freelancers working with foreign firms.

Lahore: The State Bank of Pakistan (SBP) has increased the remittance limit for freelancers working for foreign firms from USD 5,000 to USD 25,000 per month, a news source reported.

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This increased limit would allow workers to receive larger transaction amounts, in order to encourage freelancers to conduct business-to-customer transactions through the official home remittance channels. This measure would also expand the volume of workers’ remittances coming back to the country.

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According to the statement issued by the SBP, the rise in the limit will facilitate freelancers to receive the greater value of funds through a more economical and efficient home remittances channel. It added that this effort would also help the country receive foreign exchange flows through former banking channels.

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Furthermore, the SBP stated that increasing the limit would also allow the freelancers to broaden their businesses and operations. The central bank added that it would also help them to add other additional freelancers to their workforce — creating employment opportunities in the country.