KARACHI: State Bank of Pakistan (SBP) allowed all exchange companies to export foreign currencies other than dollar and bring in greenback in their foreign currency accounts maintained with banks in Pakistan.

In a statement issued in this regard, central bank clarified that this decision has been taken to enable exchange companies to divert flow of foreign exchange, mobilised by them, towards interbank market. Pakistan-Kuwait Investment Company Head of Research Samiullah Tariq told that move taken by state bank is going to improve dollar supply in market.

“It has been decided to allow exchange companies to export dollar on a consignment basis through cargo/security company,” SBP said, directing firms to ensure availability of a sufficient amount of US currency notes at their counters to meet demand of general public. Central bank said that it should also be ensured that proceeds of such export must reach in dollar account of exchange companies maintained with banks in Pakistan, within three days of such export.

“Exchange companies shall surrender 100 percent of foreign exchange received on export of dollar, in interbank market on same day,” statement read, adding that this facility will be available until September 30, 2022. All firms are further directed to share data on such export and their surrender on a daily basis to SBP, Banking Supervision Department-3. 

Published in The Daily National Courier, August, 16 2022

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