Pakistan to boost remittances with introduction of digital currency

KARACHI: The State Bank of Pakistan (SBP) is advancing efforts to introduce a digital currency, which is currently under evaluation, according to Salimullah, the Deputy Governor of the SBP, who spoke at a media briefing in Karachi today.

The initiative is being developed in collaboration with the International Monetary Fund (IMF), with the World Bank providing technical support to assess Pakistan’s digital currency framework.

Salimullah also announced that Pakistan is working to enhance remittance flows by connecting with 60 countries, including those in the Middle East. He highlighted that next year, the SBP plans to integrate its Raast payment system with the Arab Monetary Fund’s cross-border payment platform, “Buna.”

Buna facilitates secure, cost-effective, and transparent transactions for financial institutions and central banks within the Arab region and beyond.

It supports payments in both Arab currencies and major international currencies, promoting economic and financial integration within the region and fostering stronger investment ties globally.

Once connected to the Buna system, Salimullah noted, approximately 60 million Pakistanis living abroad will be able to transfer their funds instantly and at minimal costs, significantly enhancing the efficiency and affordability of international remittances.

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