SBP limits cash dollar transactions |
• Makes account-to-account transfer mandatory for dollar deposits
• Individuals no longer allowed to buy cash dollars from open market
KARACHI: The State Bank of Pakistan (SBP) has decided to limit cash dollar transactions and instructed banks to transfer dollars directly into the accounts of the purchasers. Exchange companies, however, said the decision will not affect the purchase of dollars for travel or other purposes.
The SBP issued a circular with amended instructions related to foreign currency transactions for individuals. “In order to promote cashless economy, it has been decided that, henceforth, all FCY (foreign currency) sale transactions to resident citizens of Pakistan for the purpose of deposit into FCY account will be executed........