The State Bank of Pakistan (SBP) has imposed another restriction on buying of dollars from open market as it made biometric verification compulsory for all those who would buy $500 or above from open market.
It is pertinent to mention here that the dollar set a new record as the price rose to Rs171 on Wednesday.
“The exchange companies will be required to conduct biometric verification for all foreign currency sale transactions equivalent to $500 and above and outward remittances,” the central bank said.
Earlier, anyone could purchase dollars from exchange companies by providing a copy of national identity card. “This requirement will be applicable with effect from October 22, 2021,” the SBP added.
Further, 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.
The steps are part of the measures taken by the central bank to curb the high outflow of of dollars to Afghanistan as pointed out by exchange companies and the Fitch Rating company, which they said was a big reason behind the rapid destabilisation of exchange rate.
