KARACHI: The State Bank of Pakistan (SBP) has allowed exchange companies to import cash dollars, if needed, against the value of their export consignments.
In a circular, the State Bank of Pakistan said the exchange companies, on a need basis, may import cash US dollars against the value of their export consignments of permissible foreign currencies.
The money changers are initially allowed to import cash dollars till December 31, 2023 and will be subject to the condition that total cash US dollars imported by an exchange company during this period shall not exceed 50% of the value of its export consignments, the circular read.
“Exchange companies shall ensure that all transactions related to import of cash shall be properly reflected in their books of accounts.”
Exchange Companies Association of Pakistan (ECAP) chairman Malik Bostan said the central bank’s move would help in bridging the gap between the open market and interbank rates.
