ISLAMABAD: Prime Minister Shehbaz Sharif directed provincial governments on Monday to fully cooperate with the center to move the country toward a “cashless” system, a statement from his office said as Islamabad attempts to digitize its economy for greater transparency.
Pakistan is a cash-dominated market where a significant portion of transactions, particularly in the informal sector, are conducted using cash.
The country’s central bank has taken steps in recent months to ensure a transition toward a more cashless economy so that financial transactions are more traceable, reducing chances of tax evasion and corruption. Pakistan’s digital payments have also been on the rise. Since its 2021 launch, the central bank’s Raast system has processed over 892 million transactions worth Rs20 trillion ($72 billion).
Sharif held a weekly review meeting on Pakistan’s cashless economy and digitization efforts on Monday, the Prime Minister’s Office (PMO) said in a statement.
“The federal government should hold meaningful consultations with the provincial governments for effective and comprehensive implementation of the digitization transformation plan,” the PMO quoted Sharif as saying following a review meeting on cashless and digital economy.
