SBP allows exchange firms to export forex other than US dollar

Facility will be available till September 30

The State Bank of Pakistan (SBP) Monday allowed all exchange companies to export foreign currencies other than the US dollar and bring in the greenback in their foreign currency accounts maintained with banks in Pakistan.

In a statement issued in this regard, the central bank clarified that this decision has been taken to enable the exchange companies to divert the flow of foreign exchange, mobilised by them, towards the interbank market.

“It has been decided to allow the exchange companies to export US dollar on a consignment basis through cargo/security company,” the SBP said, directing firms to ensure the availability of a sufficient amount of US currency notes at their counters to meet the demand of the general public.

The central bank said that it should also be ensured that the proceeds of such export must reach in US dollar account of the exchange companies maintained with banks in Pakistan, within three days of such export.

“Exchange companies shall surrender 100% of foreign exchange received on the export of US dollar, in the interbank market on the same day,” the statement read, adding that this facility will be available until September 30.

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