KARACHI: Pakistan’s central bank on Thursday allowed exchange companies to route home remittances through its instant payment system, Raast, saying the move aims to promote digital transactions and improve the efficiency of inflows, as the country’s foreign exchange reserves rose modestly in the latest week.
The State Bank of Pakistan (SBP) said in a statement that the country's total liquid foreign reserves stood at $21.25 billion as of Jan. 9, while the central bank’s own reserves rose $16 million to $16.07 billion.
The statement said the decision to extend Raast to exchange companies forms part of the central bank’s broader push to strengthen digital payments infrastructure and support a shift toward a cashless economy.
“Building an innovative and inclusive digital financial services ecosystem is one of the key objectives of State Bank of Pakistan under its Strategic Plan 2023-2028,” the SBP said.
“In furtherance of this vision, SBP has now allowed Exchange Companies (ECs) to utilize ‘Raast,’ a state-of-the-art payment system launched by SBP in 2021, to facilitate remitters and beneficiaries of home remittances,” it added.
