SBP takes measures to curb undesirable foreign currency outflow

By: News Desk      Published: 04:30 PM, 8 Oct, 2021
SBP takes measures to curb undesirable foreign currency outflow
File photo.

The State Bank of Pakistan has introduced a raft of measures to discourage foreign currency outflow from the country.

The regulatory measures are:

◼️ Persons travelling to Afghanistan will be allowed to carry only USD1,000/- per person per visit.

◼️ Maximum annual limit of USD6,000.

◼️ Exchange companies will be required to conduct biometric verification for all foreign currency sale.

◼️ Transactions equivalent to USD500/- and above and outward remittances need biometric verification. 

This requirement will be applicable with effect from October 20, 2021. 

Exchange companies will sell the cash foreign currency and make outward remittances, equivalent to USD10,000/- and above, against receipt of funds through cheque or banking channels only.  

These regulatory measures will help improve documentation of the sale of foreign currency by exchange companies.