Karachi:The State Bank of Pakistan has allowed exchange companies to import US dollars in exchange for foreign currency. Import of US dollars is allowed.
Now exchange companies will be able to import US dollars through a reputable security or cargo company and the import of dollars will be in exchange for the export of other currencies.
will be able to import up to 50% in the form of US dollars and these companies will be obliged to import US dollars within five days of receipt.
According to the circular issued by the State Bank, this facility will be applicable from December 31, 2023. According to the Director of Exchange Operations Department, SBP, prior notification of import of dollar against export of other currencies is mandatory.
The relevant staff of the State Bank will check and verify the value of the imported US currency and the relevant foreign bank documents at the common customs booth. After the amendment, exchange companies will be able to import up to 50 percent of foreign exchange in cash.