Cheques for outward remittances

The Newspaper's Staff Reporter Published September 24, 2022

KARACHI: The State Bank of Pakistan (SBP) on Friday amended regulations to strengthen the foreign exchange regime to encourage customers to use banking channels.

The SBP said the banking channels will be used to buy foreign currency through exchange companies.

All foreign currency purchases or outward remittances of $2,000 or above will be now conducted through cheques.

The State Bank said a buyer has to give a cheque from his personal account.

“This step is also focused on encouraging the general public to use various banking channels, which are generally more secure, to fulfill their genuine foreign exchange needs,” said the SBP.

Published in Dawn, September 24th, 2022

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Shahid

Sep 24, 2022 09:37am

Why don’t state bank allow Banks to Buy and sell foreign currency to its account holders , doesn’t this makes more sense.

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Ashley

Sep 24, 2022 10:03am

Unfair to poor people.when you give cheque of USD overseas, overseas bank will charge around $50 plus.

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Syed A. Mateen

Sep 24, 2022 11:35am

I am not sure if latest amended regulations issued by SBP to strengthen the foreign exchange regime to encourage customers to use banking channels is going to work out or not. The new regulations that all foreign currency purchases or outward remittances of $2000 or above will be now conducted through cheque and the buyer has to give a cheque from his personal account. What will happen if the buyer goes to different foreign currency exchange companies and buy foreign exchange in piece meals?

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Average Aadmi

Sep 24, 2022 11:37am

Pakistani banks do not have any dollars left in their coffers. The currency transactions are all happening on the street. Remittances are coming in through old hawala system.

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Aamir Latif

Sep 24, 2022 11:38am

Though not an economic expert, but such controls doesn't work in country like Pakistan which has to run parallel economy of Afghanistan that runs on dollars plus undocumented economy of our own country

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Dr Ahmad - Melbourne

Sep 24, 2022 12:06pm

………this new SBP regulation is for public, neutrals/politicians/judges/bureaucrats are exempt……

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Dr Ahmad - Melbourne

Sep 24, 2022 12:14pm

…..dollar transactions to Belgium are exempt…….

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Zak

Sep 24, 2022 01:14pm

All foreign currency purchases or outward remittances of $2,000 or above will be now conducted through cheques. First signs of default.

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Dr. Salaria, Aamir Ahmad

Sep 24, 2022 01:55pm

Joke of the century.

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NACParis

Sep 24, 2022 03:45pm

What is SBP up to or hoping to achieve? In Pakistan, all dollar transactions are carried out by rich looters and not the poor masses. They need to strengthen their systems and enforce more restrictions on money changers and politicians.

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Nabi

Sep 24, 2022 06:42pm

Good job

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Demagogue.

Sep 24, 2022 07:55pm

That can be applicable on Pakistanis, not on foreigners. If imposed on foreigners the tourism will adversely be effected.

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Demagogue.

Sep 24, 2022 07:58pm

@Dr. Salaria, Aamir Ahmad, Absolutely an eye wash. Instead of these tantrums straightaway catch the big fishes, and recover foreign currency from their houses, and bank lockers.

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