Freelance payment limit increase to $25,000, State Bank Says.

Freelancing in Pakistan is very big market. The bank of Pakistan on Wednesday increased the payment limit for freelance services in information and communication technology by five times.

In a circular issued on Wednesday, the bank said the choice has been made to broaden the scope of business-to-customer transactions through the home remittance channel.

As a result, the payment limit against freelance services within the said area has been enhanced to $25,000 per individual a month from $5,000 previously.

This increase in limit will facilitate freelancers to route greater value of funds through a more economical and efficient channel of home remittances and help in receiving exchange flows through formal banking.

Said State Bank of Pakistan.

According to the SBP, this is able to also enable freelancers to expand their business or operations and have interaction with new individuals to hitch the workforce.

“This is predicted to make employment opportunities and increase exchange earnings of the country,” it added.

While the export of services has been growing in double digits (10.5 percent in January), this enhancement of limits for freelancers is predicted to further accelerate that.

Dawn News

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