The State Bank of Pakistan (SBP) has allowed freelancers to receive up to $5,000 in payments per month as the central bank aims to increase the annual remittances by $1.2 billion
Earlier, the limit for such inward foreign payment was capped at $1,500 per individual per month for freelancers providing services in computer and information systems and other services to their clients abroad.
Earlier, a number of freelancers opted to spend their funds abroad owing to the complex method of receiving payments, which hurt Pakistan badly in terms of foreign exchange.
The notification, which was issued on Monday, will help attract more foreign remittances especially after a drop of 2% from $7.61 billion to $7.47 billion in the first four months of the current fiscal year.
The drop, however, is due to a global economic slowdown in the aftermath of the China-US trade war.
The upper limit for pensions has also been set to $5,000 which was previously set to $2,500 in 2018 under workers’ remittances.
