Islamabad: (RightNow) The State Bank of Pakistan has launched a Rs 16 billion prize scheme for remittances. This initiative is particularly beneficial for Pakistanis residing in Gulf countries.

According to the State Bank, half of the prizes are allocated for remittances sent from Gulf countries. Under this scheme, over 10,000 individuals will receive prizes annually.

A draw will be held every three months, awarding 2,521 cash prizes. The first draw is expected on January 15, 2027.

This scheme holds significance for Pakistan’s economy. It not only increases opportunities for overseas Pakistanis but also benefits the economy.

It is noteworthy that Pakistan’s remittances have seen a record increase in the recent fiscal year. The State Bank’s governor has termed this scheme crucial for the economy.