KARACHI: To accelerate remittances through formal channels, the State Bank of Pakistan (SBP) on Friday introduced a new ‘diamond’ category to the Sohni Dharti Remittance Prog­ramme (SDRP), offering enhanced reward points and additional benefits to remitters.

The SBP in a statement said the new category supplements the existing three categories: green (up to $10,000 per annum), gold ($10,001 to $30,000), and platinum (over $30,000).

Former finance minister Ishaq Dar in his budget speech for FY24 had announced the addition of diamond category with enhanced reward points and provision of other benefits such as arms licence of non-prohibited bore, preferential treatment at Pak­istan embassies, airports and gratis passport to the diamond category holders.

The new category is a point-based loyalty programme, allowing remitters to accumulate reward points by sending remittances through formal channels regulated by the SBP.

The reward points earned can be redeemed by remitters and their beneficiaries for various free-of-cost products and services, including Emigrant Registration fees, duty payments on imported mobile sets and vehicles, school fees, passport rene­wal fees, international air tickets, extra luggage cha­rges, life insurance/takaful premium payments.

These reward points are available in the form of a virtual card that updates automatically with reward points after each remittance.

The SDRP also offers additional reward points redemption avenues, such as 1BILL and PayPak card.

Rupee gains

The dollar continued its depreciation against the PKR for the 13th consecutive session in both the inter-bank and open markets.

The SBP reported the closing rate of the dollar in the banking market on Friday as Rs291.76, a depreciation of Rs1.02 compared to Thursday’s rate. Since the depreciation began on Sept 5, the dollar has depreciated by 5pc.

However, the depreciation was higher in the open market, falling by Rs1 to Rs295.

The dollar has lost approximately Rs33 in the open market since a crackdown began in the first week of this month against the dollar’s smuggling and illegal money market.

Published in Dawn, September 23th, 2023