KARACHI: The State Bank of Pakistan (SBP) on Friday provided special relief to exchange companies to mobilise higher remittances, while the companies said their demand had been met.
“To facilitate Exchange Companies in mobilising additional home remittances, it has been decided that they may enter into forward sale transactions with authorised dealers (banks) against receipt of home remittances for up to 5 working days,” said the circular issued by the SBP.
Earlier, the exchange companies were bound to sell their 100 per cent dollars to the banks on the same day they received the remittances. It was a disadvantage for the companies while the banks were getting an advantage by getting dollars at cheaper rates.
Exchange Companies Association (ECAP) President Zafar Paracha said that allowing exchange companies to undertake short-term forward sale transactions, based on actual remittance trends, will help reduce market uncertainties, improve operational planning, and enhance efficiency in foreign exchange management.
This will not only facilitate better compliance but also encourage greater remittance flows through formal channels, he added.
Exchange companies facilitated $5bn inflows, while the country received $38bn in remittances during 2024-25.
Published in Dawn, April 11th, 2026
