Rs120 billion pakistan remittance initiative subsidy curtailed due to fiscal constraints sbp tells senate panel
Rs120 billion pakistan remittance initiative subsidy curtailed due to fiscal constraints sbp tells senate panel
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Desk Analysis
How This Affects the Exchange
Sector Effect
Negative · Do not buy
Cautious read for Banks, Economy — price/volume reaction may stay soft near-term.
Sectors & Direction
Desk read
Desk call: Do not buy · Negatively affected
- BanksNegatively affected
- EconomyNegatively affected
Companies
Mentions in This Briefing
Sectors: Banks, Economy — Negative · Do not buy. PSX tickers: MEBL, MCB, UBL, HBL, BAHL, FABL. Cautious read for Banks, Economy — price/volume reaction may stay soft near-term.
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Open on ProfitRs120 billion pakistan remittance initiative subsidy curtailed due to fiscal constraints sbp tells senate panel
The Senate Standing Committee on Finance and Revenue has reviewed the Pakistan Remittance Initiative (PRI), the protection of foreign investors’ funds and concerns over alleged fraudulent practices by companies, deciding to seek further briefings from banks and relevant authorities.
According to a news report, the committee was informed by the State Bank of Pakistan (SBP) that the government had initially provided subsidies to banks under the Pakistan Remittance Initiative to facilitate remittances from overseas Pakistanis.
The Senate panel was told that Rs120 billion had been provided as subsidies, but the support was curtailed during the previous year. Due to fiscal constraints, the government was unable to continue the subsidy under the current budget.