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Gold & Currency5 min readPublished 2026-08-26

USD to PKR Forex & Remittance Guide: Interbank vs Open Market & SBP PRI Incentives

Written by Kamran Siddiqui, Macroeconomic & Forex Research Lead
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Executive Summary & Key Takeaways
  • The Interbank rate is the benchmark wholesale exchange rate set by commercial banks and the State Bank of Pakistan (SBP).
  • The Open Market rate is quoted by Exchange Companies for physical foreign currency cash notes, usually carrying a 0.5% to 1.5% margin.
  • Under SBP's Pakistan Remittance Initiative (PRI), home remittances of $100 or more sent through legal banking channels incur ZERO transfer fees.
  • IT exporters and freelancers can retain up to 50% of export proceeds in specialized Exporters' Specialized Foreign Currency Accounts (ESFCAs).
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1. SBP Interbank vs Open Market Explained

When monitoring Pakistani Rupee (PKR) exchange rates, two distinct rates are reported daily:

  • Interbank Exchange Rate: The rate at which licensed commercial banks trade currencies for sovereign debt payments, oil imports, and official export/import LC settlements.
  • Open Market (Kerb) Rate: The retail rate at which exchange companies (EC) buy and sell physical foreign currency banknotes to international travelers and individual citizens.

3. State Bank PRI Free Remittance Scheme

The Government of Pakistan, via the State Bank, reimburses commercial banks standard TT charges on transactions equal to or exceeding USD $100 (or equivalent in SAR, AED, GBP, EUR), ensuring overseas Pakistanis can send money to their families completely free of charge.

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Frequently Asked Questions

Quick answers to common questions about this guide topic.

The open market reflects physical cash availability, import duty on cash notes, and consumer travel demand, creating a normal spread of PKR 1.00 to 2.50 above interbank rates.
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