SBP is exploring the launch of its own digital currency. Deputy Governor Salimullah revealed this during a media briefing in Karachi, stating the project is currently under evaluation. The IMF and World Bank are providing technical support to assess the feasibility of this digital currency framework.
In a separate initiative focused on improving remittance channels for Pakistani citizens abroad, SBP also announced plans to connect Pakistan’s digital payment system, Raast, with the Arab Monetary Fund’s “Buna” system next year. Buna facilitates secure and cost-effective cross-border payments across the Arab region. This integration aims to enable instant money transfers for overseas Pakistanis and significantly reduce transfer fees.
The Buna connection goes beyond remittances, fostering economic and financial integration within the Arab world and strengthening investment ties with global partners. This paves the way for increased trade and investment opportunities for Pakistan.
SBP’s exploration of a digital currency and its collaboration with the Arab Monetary Fund signal a commitment to innovation and regional cooperation. These initiatives aim to streamline financial transactions, empower overseas Pakistanis, and promote economic growth.
