SBP takes measures to curb foreign currency outflow
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KARACHI: The State Bank of Pakistan (SBP) has taken measures to curb the foreign currency outflow to Afghanistan and Exchange Companies and Money changers have been directed to limit the foreign currency to Afghan people.
In order to enhance transparency in the foreign currency transactions by exchange companies and to curb undesirable outflow of cash foreign currency, the State Bank of Pakistan has introduced following regulatory measures:
- Persons travelling to Afghanistan will be allowed to carry only $1,000/- per person per visit with a maximum annual limit of $6,000.
- Exchange companies will be required to conduct biometric verification for all foreign currency sale transactions equivalent to $500/- and above and outward remittances. This requirement will be applicable with effect from October 20, 2021.
- Exchange Companies will sell the cash foreign currency and make outward remittances, equivalent to $10,000/- and above, against receipt of funds through cheque or banking channels only.
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