In a groundbreaking move to address the challenge of foreign currency hoarding, the State Bank of Pakistan (SBP) has announced a mandatory biometric verification requirement for individuals making purchases of $500 and above through exchange companies. This strategic decision, unveiled during a recent meeting of the Special Investment Facilitation Council (SIFC) Apex Committee, a crucial element of the comprehensive reforms implemented for exchange companies.
Sources indicate that the SBP officials presented the initiative, highlighting its significance in mitigating the scarcity of dollars faced by the South Asian nation. The shortage primarily attributed to suboptimal export performance and remittance levels, coupled with the imperative need to settle substantial import bills.
As part of these reforms, the SBP has revised the US dollar purchase limits, reducing the maximum allowable limit for individuals traveling from $10,000 to $5,000, and the annual limit from $60,000 to $30,000. Notably, customers engaging in transactions of $2000 or more through exchange companies will now required to make payments directly from their Pak Rupee accounts.
For individuals, the central bank has instituted a daily purchase limit of $10,000 and an annual limit of $100,000. This strategic move aims to streamline currency transactions and promote financial transparency.
Currently, the US dollar is trading below Rs300, a positive trend attributed to the government’s robust crackdown on dollar smuggling and hoarding. This crackdown initiated after the dollar crossed the Rs300 mark in both interbank and open markets, signaling the government’s commitment to stabilizing the currency market.
This dynamic shift in policy not only addresses the immediate challenges of dollar scarcity but also establishes a framework for enhanced financial integrity. The SBP’s move aligns with its broader objective of fostering a resilient economic environment and ensuring responsible currency management. As the nation navigates economic complexities, these strategic measures anticipated to yield positive outcomes, bolstering confidence in the stability of the currency market.
 has announced a mandatory biometric verification requirement for individuals making purchases of $500 and above through exchange companies. This strategic decision, unveiled during a recent meeting of the Special Investment Facilitation Council (SIFC) Apex Committee, a crucial element of the comprehensive reforms implemented for exchange companies.){kind=link}