PRI | Pakistan Remittance Initiative

About Pakistan Remittance Initiative (PRI)

The Pakistan Remittance Initiative (PRI) was launched in 2009 through a Memorandum of Understanding (MoU) between the Ministry of Finance (MoF), the State Bank of Pakistan (SBP), and the Ministry of Overseas Pakistanis & Human Resource Development (MOP&HRD).

The key objectives of PRI are to facilitate and ensure faster, cheaper and convenient flow of home remittances through formal channels and provide investment opportunities to Overseas Pakistanis in Pakistan.

Since its inception, PRI has been playing a vital role in developing the policy and regulatory framework for remittances, strengthening collaborations with financial institutions worldwide and facilitating the implementation of the Government of Pakistan’s incentive schemes for the promotion of home remittances. These schemes include the Reimbursement of T.T. Charges Scheme, which enables cost-free inward remittance transactions of USD 100 and above, the Sohni Dharti Remittance Program (SDRP), a loyalty-based reward initiative encouraging the use of formal remittance channels, and other incentive programs for financial institutions and exchange companies to promote remittance inflows.

PRI actively facilitates partnerships between Pakistani financial institutions and international financial institutions to enhance accessibility and efficiency in remittance transfers. In collaboration with banks, PRI conducts domestic and international outreach programs to raise awareness about the benefits of formal remittance channels while discouraging informal methods such as Hundi/Hawala. Additionally, PRI organizes Pakistan Remittance Summits and PRI Awards, manages Pre-Departure Briefing Programs for emigrants, and operates a PRI Call Center for customer support and complaint resolution. Furthermore, PRI plays a crucial role in supporting the development of innovative financial products and services in collaboration with banks.

Through these efforts, PRI remains committed to strengthening formal remittance channels, ensuring faster, cost-effective, and secure transfer of home remittances, and providing investment opportunities for Overseas Pakistanis in Pakistan.

Increase in remittances to strengthen national economy: Aleem Boon for economy: Record $2,768 remittances pour in July, says PM Imran Khan Highest-ever $2,768 million remittances received in July: PM Pakistan records ‘highest’ remittances in July: PM Increase was up 12.2 per cent from June: SBP Remittances hit monthly record high of $2.768b in July Remittances hit record high Remittances hit new monthly highs in July July remittances soar to record $2.76bn Pakistan received record $2.7bn remittances in July: SBP Remittances soar 36.5pc to record monthly high of $2.768bln in July Remittances’ growth fleeting or lasting? Remittances: Recovery Uncertain Workers’ remittances up Remittances remain steady despite COVID-19 crisis Jul-Apr remittances post nominal growth YoY Remittances decline to $1.7bn in April Remittances increase 6pc to $18.8bln in July-April Remittances rise to $1.79 billion in April Govt expects remittances to exceed $22bln in FY2020 Remittances to be exempted from WHT Workers remittances in July-Feb FY2020 stand at $15,126mn Remittances rise 5.4pc to $15.1bn in eight months Remittances jump 5.4pc Remittances rise 5.4% to $15.13b during Jul-Feb FY20 ECC approves incentives worth Rs9.6 bn to propel remittances Incentives to boost remittances PTI govt to increase TT reimbursement by 100% Remittances increase by 9.36 pc in January: Hafeez Shaikh Incentives in the offing to boost foreign remittances Home remittances Legal inflows, illegal channels Overseas workers remittances show 3.31pc growth Remittances to rise after labour export deals with Japan: minister Remittances rise 3.31pc to $11.394bln in July-Dec $1394.91m remitted by overseas Pakistanis in 1st half of 2019-20 Remittances hit 7-month high at $2.09b in Dec Six-month remittances rise to $11.4bn OPs remit $9,298.57mn during last five months SBP receives $1.3 bn from ADB Overseas Pakistanis remitted $9.298b Workers’ remittances flat in July-November Remittances remain flat in first five months Remittances jump 9.35pc in November Remittances soar 9.35% to $1.8b in November Remittance Musings Remittances drop $79m in three months FY20 Remittances drop 1.4pc to $5.478bln in July-Sept Pakistan’s remittance flow slows down in Q1 Overseas Pakistanis remit $5.4bn in first 3 months of FY20 Remittances on seasonal slump Overseas Pakistani workers remit $1.69b in August Remittances drop by $340m in two months FY20 Workers’ remittances: Inflows decline by 17 percent in August Remittances fall 17.11pc to $1.690bln in August Remittances dive 17% after Eid boost Remittances decline 8pc in July-August Pakistan among top five remittance recipients in region: ADB Remittances: the hidden engine of globalisation With 270m migrants around the world, the money they send home now exceeds foreign direct investment Financial Times – London Slight improvement in home remittances Sustaining remittances Source must be explained: Remittances exceeding Rs5m not added to taxable income: FBR Hold onto remittances Pakistani diaspora sends $21.841bln remittances back home in FY19 Remittances surpass target, stand at $21.8b in FY19 Remittances rise 9pc to $21.48bn Remittances cross $2b mark in May due to Ramazan Remittances set to surge in two weeks: WorldRemit Remittances hit six-month high in April, amount to $1.78b Remittances jump 8.45pc to 17.9bn Remittances – the saviour Remittances up by 11pc MoM Overseas Pakistanis remit $16.1bn in nine months FY19 Remittances up 8.74pc in 9 months Remittances rise to 3-month high at $1.74b in March July-March remittances post 9 percent growth Workers’ remittances rise 8.74pc to $16.096bln in nine months Remittances soar to $16.1bn Overseas Pakistanis remit US $14.3 billion in the first eight months of FY19 Remittances scale up 12pc to $14.3bln in July-February Remittances rise 12% as workers rely on legal channels Remittances soar to $14.4bn PM approves National Challenger Bank for remittances Remittances up by 12.2pc Overseas Pakistanis remit US $12.77 billion in the first seven months of FY19 Remittances up 12.22pc to $12.774 billion in seven months Remittances maintain momentum Remittances increase 12.22pc to $12.774bn Remittances rise 12% to $12.8b in seven months New cash transfer system for overseas Pakistanis soon Withholding tax on bank transactions waived off for filers Remittances fall due to global economic slowdown Remittances rise 10pc to $10.7bln in first half of FY19 Blockchain technology backed home remittances from Malaysia to Pakistan Telenor Microfinance Bank launches remittance service Telenor bank introduces blockchain remittances Pakistan adopts blockchain technology to attract remittances Hard to manage if remittances fall below $20 bn: SBP governor Home remittances: SBP announces incentive scheme The inexplicable trend in remittances Overseas Pakistanis remit $9.02bn in five months of FY19 Remittances jump to $9.03b Overseas Pakistanis remit $9.02bn in five months Remittances up 12.56 percent to $9.02bln in July-November Overseas workers: Remittances slow down by massive $400m in Nov Remittances jump over 12pc in five months Remittances jump 15pc Remittances increase 21% to $2 billion Imran approves incentives for overseas Pakistanis in bid to increase remittances OPs remit $5.4 billion in 1st three months of FY19 Remittances up by 13.14pc during July, Sept: SBP Remittances increase 13pc to $5.4b in Q1 Remittances climb up by 13 percent to $5.419b during first quarter of FY19 Overseas Pakistanis remit $5.4bn in first quarter Workers’ remittances cross $5 billion mark in 1Q Remittances up 13.14pc to $3.419bln in 1Q Remittances up 13pc to $5.4bn Remittances and the two Eid’s Remittances down on changing policies in KSA, Oman, Bahrain UAE bank adds Pakistan to ‘remit in 60 seconds’ service OPs remit $1.93bn during last month Expats remit $1.93 billion in July Overseas Pakistanis remit $1.93bn in July Remittances surge 25%, amount to $1.93b Remittances increase 25.17pc to $1.929bln in July Remittances jump 25pc in July Overseas Pakistanis remit $19.62 billion during FY18 Overseas Pakistanis remit $19.62 bn in FY18 Pakistan’s remittance challenge Remittances clock in at $18bn Remittances remain on steady course Growing reliance on remittances Remittances touch seven-month high at $1.77 billion in March Workers’ remittances rise 3.55pc to $14.606bln in July-March Remittances grow to $14.6bn in nine months Remittances rise to $12.8bn The jury is divided on the impact of PKR depreciation Rise in remittances Remittances: how long will breather last Remittances rise 3.55pc to $11.383bln in July-January Remittances climb to $11.4bn since July Launching of Scheme for Home Remittances through M-wallet Accounts & Policy for Promotion of SME Finance Money Transfer Award Perfomance Award Ceremony PRI Formation