KARACHI: The State Bank of Pakistan (SBP) has lifted restrictions on the import of US dollars, allowing exchange companies to import cash against the value of their export consignments if required.
In a circular, the central bank said that exchange companies, on a need-to-know basis, may import US dollars in cash against the value of their export consignment of legitimate foreign currencies within five working days “through reputable cargo/security companies”. can do
“The arrangement will initially be in force until December 31, 2023 and subject to the condition that the total cash USD imported by the exchange company during that period does not exceed 50 percent of the value of its export consignments. shall be.”
The central bank said exchange companies must ensure compliance with all relevant laws and regulations, including those of the jurisdiction from which US dollars are being imported.
“Exchange companies shall ensure that all transactions related to import of cash are properly reflected in their books of accounts.”
Exchange Companies Association of Pakistan (ECAP) General Secretary Zafar Paracha said that this move by the central bank will help in closing the gap between open market and interbank rates.
“The State Bank’s decision to allow import of dollars will help the country overcome the dollar shortage. This is a welcome step,” Pracha added.
