The State Bank of Pakistan (SBP) is evaluating the introduction of a digital currency to facilitate instant and cost-effective money transfers for the millions of Pakistanis living abroad.
Addressing the media in Karachi, SBP Deputy Governor Salimullah highlighted that the central bank is currently in the evaluation stage of this potential initiative. “The potential introduction of a digital currency is part of a broader government effort to enhance remittances and streamline financial transactions,” Salimullah stated.
The initiative aims to boost remittances, which play a crucial role in Pakistan’s economy. The introduction of a digital currency is expected to significantly contribute to this effort, making it easier for the approximately 60 million Pakistanis living overseas to transfer money back home instantly.
With the proposed digital currency system, overseas Pakistanis will be able to transfer money at minimal costs, enhancing the efficiency and affordability of remittances. This development could mark a significant step forward in leveraging technology to support economic growth and financial inclusion in Pakistan.
Leave a Reply