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KARACHI: The State Bank of Pakistan (SBP) has lifted the restrictions on money exchange companies to import US dollars on a need basis 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 “within five working days, through reputed cargo/security companies”.
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 central bank mentioned that exchange companies must ensure compliance with all relevant laws and regulations, including those of the jurisdiction from where US dollars are being imported.
“Exchange companies shall ensure that all transactions related to the import of cash shall be properly reflected in their books of accounts.”
Exchange Companies Association of Pakistan (ECAP) General-Secretary Zafar Paracha welcome the decision and said it will help overcome the dollar shortage.
He said the move would help in bridging the gap between the open market and interbank rates.