The State Bank of Pakistan (SBP) has dramatically increased payment limits for freelancers working in the digital, IT sectors and other freelance jobs
State Bank of Pakistan (SBP) has raised the payment limit for IT related freelancers and other services from $5,000 to $25,000 per individual to encourage business-to-customer (B2C) transactions via official home remittance channels.
This enhancement in limit will facilitate freelancers to route greater value of funds through a more economical & efficient channel of home remittances. I will also help in receiving foreign exchange flows through banking channels in Pakistan.
This decision would freelancers to grow their business/operations and encourage new freelance workers to join the workforce.
Freelancing or Freelance market in Pakistan has been growing in double digits, (10.5 percent rise registered in January, 2020). This enhancement of limits for freelance will further accelerate growth in export of services in the months ahead.
SigmaProperties appreciates such decision of SBP and extend well wishes for the industry to boom.