SBP amends foreign exchange regulations

Dunya News

The central bank has introduced changes in foreign exchange regulations.

KARACHI (Web Desk) – State Bank of Pakistan (SBP) has notified revisions in foreign exchange regulations for export of goods from Pakistan.

According to a statement released by the central bank, the key changes include amendments in regulations to facilitate export transactions through the Pakistan Single Window when it becomes operational, eliminating the requirement of Electronic Form-E (EFE) for carrying out exports from Pakistan.

“Another key amendment introduced in the revised export regulations is the framework for facilitating Pakistani exporters/ entrepreneurs to sell their products through international digital marketplaces including Amazon, e-Bay, Ali Baba under Business to Business to Consumer (B2B2C) eCommerce model.”

SBP said that these regulations would pave the way for Pakistani exporters particularly the SME exporters to reach out to millions of international consumers for selling their products, opening the window of new opportunities for the Pakistani business community and result in boosting the economic activity and creation of new employment opportunities in the entire value chain.

The statement said considering the market dynamics and keeping pace with changing business environment, the SBP was in process of revising the foreign exchange regulations, in consultation with relevant stakeholders in a phased manner.

“The primary objective of these revisions is to promote ease of doing business by simplifying the existing instructions, removing the redundancies and delegating more powers to the Authorized Dealers for facilitation of the stakeholders.”