ISLAMABAD: The State Bank of Pakistan (SBP) has imposed a maximum limit on the spread between the buying and selling rates of foreign currencies in open foreign exchange market.

“It has now been decided that the maximum spread allowed between the buying and selling rates of foreign currencies must not exceed twenty-five (25) paisas, at any given time”, a statement of the central bank said.

It added that it is reiterated that notice/display board accurately declaring the prevailing exchange rates applicable for respective currency sale/ purchase/ transfer must be displayed at a prominent place in each branch/CEB/franchise, says FE Circular No.1 issued today to the chief executives of all exchange companies including the 'B' category exchange companies.

The SBP has also asked Exchange Companies' Head Offices to submit daily consolidated report to its Exchange Policy Department as per the prescribed format.