Freelancers can now remit up to $5,000 per month

The State Bank of Pakistan (SBP) has enhanced payment limit against freelance services from $1,500 to $5,000 per month, it said in a statement.

The measure was taken to broaden the scope of business to customer transactions through home remittance channel.

It aims to facilitate freelancers by allowing them to route funds through the economical and efficient channel of home remittances, according to the central bank.

The measure would save them from keeping their funds with various online money transfer companies, it said. It would help divert foreign exchange flows from informal to formal channels.

The SBP also revised transaction limit for pension receipts to $2500 per month.