State Bank allows currency dealers to import dollars through cargo, security companies
Business
Amount shall not exceed 50pc value of their export consignments
KARACHI (Dunya News/Web Desk) – In a bid to boost supply of illusive dollar, the State Bank of Pakistan (SBP) has now allowed the exchange companies – currency dealers commonly known as money changers – to import the world’s top currency but with certain conditions.
The move means one of the major demands of exchange companies has been accepted as they were calling for this permission, arguing that they can improve the supply through importing dollars with the country facing severe US dollar shortage which not caused a huge depreciation of rupee but also paralysed business activities.
In this connection, the Pakistan’s central bank updated its instructions for foreign exchange companies as they are allowed to import dollars against the value of their export consignments of permissible foreign currencies within five working days through reputed cargo or security companies – a move that will remain in effect Dec 31, 2023.
Previously, the exchange companies could export the permissible currencies in cash but were required to bring dollars in their bank accounts.
However, the total dollar import by an exchange company during this period shall not exceed 50 per cent of the value of its export consignments.
The SBP also directed the exchange companies to include such an arrangement in their deal with the overseas entity with the system-generated deal ticket showing the particulars of the amount, if any, out of the total export consignment.
“Exchange companies, at the time of import of US dollars in cash through their cargo/security companies, shall give prior written intimation to the Director of Foreign Exchange Operations Department, SBP Banking Services Corporation, Karachi, and copy the same to the SBP-BSC staff at SBP-Customs Joint Booth at designated airports.”
They are also required to provide original deal ticket of foreign bank or exchange company clearly showing the amount of cash US dollars imported.
