Pro IQRA News Updates.
SBP changes currency regime. The State Bank of Pakistan (SBP) has told exchange companies that all foreign currency sales of USD 2,000 or more (equivalent in other currencies) against the rupee should only be made through certain payment methods such as wire transfers, personal bank checks customer account.
The central bank, in a brief statement released on the occasion, noted that the guidelines were issued to further increase transparency and promote documentation in currency transactions.
“This move is also aimed at encouraging the general public to use various banking channels, which are generally safer, to meet their genuine foreign exchange needs,” the document said.
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Exchange companies have also been told that the transaction, the reference number of the instrument and the name of the remitting and issuing bank must appear on the transaction receipt along with the customer ID number.
In addition, all foreign currency sales of USD 2,000 or more (or the equivalent in other currencies) against the rupee must be made through Category ‘B’ exchange companies by bank transfer or check from the customer’s personal account.
The SBP has warned that all exchange companies that do not comply with these instructions should attract regulatory action under the relevant provisions of the Foreign Exchange Regulation Act, 1947.