July 26, 2023
SBP permits import of US dollars against send out transfers.
Trade organizations should guarantee consistence with all regulations.
ECAP General Secretary Zafar Paracha invites the move.
KARACHI: The State Bank of Pakistan (SBP) has taken out limitations on bringing in US dollars, permitting trade organizations to import cash, if necessary, against the worth of their product transfers.
In a roundabout, the national bank said the trade organizations, on a need premise, may import cash US dollars against the worth of their product transfers of reasonable unfamiliar monetary forms "inside five working days, through rumored freight/security organizations".
"This game plan will at first be set up till December 31, 2023 and will be dependent upon the condition that complete money US dollars imported by a trade organization during this period will not surpass half of the worth of its commodity transfers."
The national bank referenced that trade organizations should guarantee consistence with every applicable regulation and guidelines, including those of the purview from where US dollars are being imported.
"Trade organizations will guarantee that all exchanges connected with import of money will be appropriately reflected in their books of records."
Trade Organizations Relationship of Pakistan (ECAP) General Secretary Zafar Paracha said the national bank's move would help in overcoming any issues between the open market and interbank rates.
"The express bank's [decision] to permit dollar imports will assist the country with conquering dollar lack. This is a welcome step," Paracha added.
