- SBP allows import of US dollars against export consignments.
- Exchange companies must ensure compliance with all laws.
- ECAP General Secretary Zafar Paracha welcomes the move.
KARACHI: The State Bank of Pakistan (SBP) has lifted import limits on US dollars, enabling exchange businesses to bring in more cash to cover the value of their export shipments as needed.
The central bank stated in a circular that exchange companies may, based on need, import US dollars in cash equal to the value of their export consignments of legal foreign currencies “within five working days, through reputable cargo/security companies.”
This agreement will be in effect initially through December 31, 2023, subject to the restriction that an exchange company’s total cash US dollar imports during this time cannot exceed 50% of the value of its export consignments.
The central bank stated that exchange firms are required to make sure that all pertinent laws and rules, including those of the country where US dollars are being imported, are followed.
The following is stated: “Exchange companies shall ensure that all transactions related to the import of cash shall be properly reflected in their books of accounts.”
The action by the central bank, according to Exchange Companies Association of Pakistan (ECAP) General Secretary Zafar Paracha, will assist close the gap between open market and interbank rates.
“The move by the central bank to permit dollar imports will aid the nation in overcoming its dollar shortage. This is a positive move, Paracha continued.