SBP allows banks to buy and sell foreign currencies in Pakistan

[ghazi52]

SBP allows banks to buy and sell foreign currencies in Pakistan

KARACHI: State of Bank of Pakistan on Saturday has authorized all banks in the country to buy and sell all foreign currencies with the public.

In the revised chapters of Foreign Exchange (FE) Manual, the SBP put an end to the business of exchange companies by handing over the foreign currency business to all banks and their branches across Pakistan.

“Such currencies or instruments may be freely purchased by the Authorised Dealers (banks) against payment in PKR. Authorised dealers may also purchase foreign currencies withdrawn by the account holders from their foreign currency accounts and from the walk-in-customers against payment in PKR subject to fulfilment of applicable AML/CFT regulations,” SBP had stated.

Earlier, the foreign currency exchange business was solely restricted to exchange companies with banks not getting permitted to buy or sell it with the public.

 

[BATMAN]

it's IMF policy... this move will help Iran great deal.
Help increase money laundering to Iran.
Right move for Pakistan would be to go all digital.

 

[El Sidd]

Is this part of #ERO?

 

[Mumm-Ra]

There is no change in FX regulations. Banks were already allowed to do it. They just didn't do it but that's another story.

 

[assasiner]

good now money exchange companies wont store dollar and hike the price....

 

[Verve]

SBP allows banks to buy and sell foreign currencies in Pakistan

KARACHI: State of Bank of Pakistan on Saturday has authorized all banks in the country to buy and sell all foreign currencies with the public.

In the revised chapters of Foreign Exchange (FE) Manual, the SBP put an end to the business of exchange companies by handing over the foreign currency business to all banks and their branches across Pakistan.

“Such currencies or instruments may be freely purchased by the Authorised Dealers (banks) against payment in PKR. Authorised dealers may also purchase foreign currencies withdrawn by the account holders from their foreign currency accounts and from the walk-in-customers against payment in PKR subject to fulfilment of applicable AML/CFT regulations,” SBP had stated.

Earlier, the foreign currency exchange business was solely restricted to exchange companies with banks not getting permitted to buy or sell it with the public.

Fantastic!! So this was why exchange mafia couldn't be shut down!

Now exchange mafia will be easier to clamp down on!

@Mangus Ortus Novem

 

[Syed1.]

Excellent move

 

[Crusher]

Finally the End of the dark age of monopoly of private foreign exchange mafia.

 

[AZADPAKISTAN2009]

Ban all small foreign exchange companies ... only Banks should be allowed to send / receive cash