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SBP increases payment limits to $25,000 against freelance services

SBP increases payment limits to $25,000 against freelance services

KARACHI: The State Bank of Pakistan (SBP) on Wednesday enhanced payment limits against freelance services from $5,000 per individual per month to $25,000 per individual per month.

According to a statement issued by the State Bank of Pakistan said that in order to broaden the scope of business-to-customer transactions through home remittance channel it had enhanced payment limits against freelance services in computer and information systems and other freelance services from $5,000 per individual per month to $25,000 per individual per month.

The enhancement in 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.

This would also enable freelancers to expand their business/ operations and engage new freelancers to join the workforce.

This is expected to create employment opportunities and increase foreign exchange earnings of the country.

While Export of Services has been growing in double digits, (10.5 percent rise registered in January, 2020), this enhancement of limits for freelancers shall further accelerate growth in Export of Services in the months ahead, the SBP added.