State Bank allows banks to buy, sell foreign currency

Siasi Jasoos

Minister (2k+ posts)


KARACHI: The State Bank of Pakistan (SBP) has allowed banks, all of their branches, to deal in foreign currencies with public across the country.

The central bank in a circular amended chapters of Foreign Exchange Manual providing details about the currency business while assigning the role of exchange companies to banks.

The banks were earlier, not allowed to sell or buy foreign currencies directly from public except for those having their own exchange companies.

Though the bank did not explain the future role of exchange companies but they feel threatened with the latest decision.

The SBP said that all incoming persons whether Pakistani or foreign national can bring with them without any limit foreign currencies and other instruments against the submission of a declaration to the customs authorities on amount exceeding $10,000 or equivalent.

The banks were also told to ensure availability of foreign currencies to sell it to the public.

It is the responsibility of authorized dealers to ensure adequate foreign currency is available with their authorized branches at all times for meeting the requirements of their customers, the manual said.

The central bank circular also said that the dealers may sell foreign currency notes to persons proceeding abroad within the amount of foreign exchange allowed through special permission by the SBP or under the authority delegated to them.

Source
 
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mskhan

Minister (2k+ posts)


KARACHI: The State Bank of Pakistan (SBP) has allowed banks, all of their branches, to deal in foreign currencies with public across the country.

The central bank in a circular amended chapters of Foreign Exchange Manual providing details about the currency business while assigning the role of exchange companies to banks.

The banks were earlier, not allowed to sell or buy foreign currencies directly from public except for those having their own exchange companies.

Though the bank did not explain the future role of exchange companies but they feel threatened with the latest decision.

The SBP said that all incoming persons whether Pakistani or foreign national can bring with them without any limit foreign currencies and other instruments against the submission of a declaration to the customs authorities on amount exceeding $10,000 or equivalent.

The banks were also told to ensure availability of foreign currencies to sell it to the public.

It is the responsibility of authorized dealers to ensure adequate foreign currency is available with their authorized branches at all times for meeting the requirements of their customers, the manual said.

The central bank circular also said that the dealers may sell foreign currency notes to persons proceeding abroad within the amount of foreign exchange allowed through special permission by the SBP or under the authority delegated to them.


Source
Great decision, I am surprised it wasn’t done before. But this will eliminate the black foreign exchange economy
 

mian_ssg

MPA (400+ posts)
Good first step in the right direction.
2-Disallow the money changers from selling and buying money.
3-Heavy penalties to all with cash above the allowed limit on all the ports.
4-Heavy fines and panelists on all who violate clause 2.
5-Make it cheap and easy for oversees Pakistanies to transfer money to Pakistan via legal channels.
6-Impose time and amount limit on people for buying foreign currency.

If you don't want to do all the above then change the Rupee with gold denomination or back it with real gold. Death penalty to all who try to mess with the gold standard.
 

islamabadi

Minister (2k+ posts)
After 1 year this jokers in government finally woke up. Anyways the banks are not likely to give the best rates anyways....
 
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