The State Bank of Pakistan (SBP) has given exchange companies permission to import cash dollars in order to offset the value of their export shipments, if necessary.
SBP allows money changers to import dollars: The State Bank of Pakistan stated in a circular that the exchange companies may, when needed, import cash US dollars equal to the value of their export consignments of legal foreign currencies.
The circular permits money changers to import US currency until December 31, 2023, subject to the requirement that an exchange company’s total import of US currency during this period cannot exceed 50% of the value of its export consignments.
The statement requires exchange companies to ensure that they properly reflect all transactions related to the import of cash in their books of accounts.
The action by the central bank, according to Exchange Companies Association of Pakistan (ECAP) chairman Malik Bostan, will assist close the gap between open market and interbank rates.