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ISLAMABAD: The State Bank of Pakistan (SBP) has determined to curb the buying and selling of dollars, with the central bank tightening foreign exchange rules and setting a limit on selling dollars in one day.
According to details, the State Bank of Pakistan has tightened foreign exchange rules to curb the steady rise in the value of the dollar. No one will be allowed to sell US dollars more than 10,000 a day.
The SBP has taken a major step against dollar speculation by setting a daily limit for all exchange companies. An individual will be able to buy dollars and other currencies for only 100,000 a year. According to the central bank, the annual remittance for education abroad will be 70,000 US dollars. The annual limit for remittances for treatment abroad is set at 50,000 per patient.
Earlier, the Bank of Pakistan had said that the purpose of raising the policy rate was to meet the inflationary pressures and ensure sustainable growth. The central bank raised the interest rate to 9.75 percent.
Six days ago today, the SBP said in a statement that after an increase of 100 basis points, the interest rate has risen from 8.75 percent to 9.75 percent, while the current account deficit will remain higher than previous estimates at 4 percent.