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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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Comments (13) Closed
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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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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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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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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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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Sep 24, 2022 12:06pm
………this new SBP regulation is for public, neutrals/politicians/judges/bureaucrats are exempt……
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Sep 24, 2022 12:14pm
…..dollar transactions to Belgium are exempt…….
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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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Sep 24, 2022 01:55pm
Joke of the century.
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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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Sep 24, 2022 06:42pm
Good job
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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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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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