SBP seeks record of foreign currency buyers from FBR

KARACHI: The State Bank of Pakistan (SBP) has asked the Federal Board of Revenue (FBR) to provide the record of foreign currency buyers from across the country.

Through a letter sent to the FBR, the central bank has sought the data of those buyers who bought US dollars from money exchangers in the few months.

The SBP letter stated, “FBR is authorised to collect the data from exchange companies to trace such buyers. The initiative is in line with the government’s policy to keep a track of banks and exchangers’ activities under the Foreign Exchange Regulation Act.”

The data will help the government curb dollar hoarding in the country, the letter said, adding that all concerned departments and institutions, including Federal Investigation Agency (FIA), Financial Monitoring Unit (FMU) and Anti-Narcotics Force (ANF), are collaborating with the government in this crackdown.

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Earlier on April 6, former information minister Fawad Chaudhry had said the government has directed the FIA to launch a full-fledged operation against dollar hoarding and speculative currency trade.

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