State Bank of Pakistan to facilitate freelancers by enhancing payment limits
It will also further help in foreign exchange flows through formal banking channels in the country.
The State Bank of Pakistan (SBP) is extending its services to facilitate the country’s freelancing community. To broaden the scope of business-to-customer transactions through the home remittance channel, SBP has enhanced its payment limits.
The limits against freelance services in computer and information systems was previously $5000 per individual and has now been increased to $ 25,000.
How will it facilitate the freelancers?
— SBP (@StateBank_Pak) February 12, 2020
Pakistan was recently ranked fourth across the world in terms of growth in earnings from freelancers by Payoneer’s Global Gig-Economy Index for 2019. The ranking itself speaks for the potential Pakistan holds.
The change in limit by the State Bank will help freelancers receive payments through a more economical and reliable channel. It will also further help in foreign exchange flows through formal banking channels in the country.
The ease in receiving payments will also encourage more freelancers to join the workforce. It will create new employment opportunities for talented young people in Pakistan, who are currently reluctant to pursue freelance employment opportunities because of the hurdles they face in receiving payments.
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