SBP allowed money changers to bring dollars from abroad – SUCH TV

The State Bank of Pakistan has allowed money changers to bring dollars in cash from outside the country in an effort to improve the supply of dollars in the country.

Before the new rules, exchange companies were told to bring all their dollars to their bank accounts.

However, the SBP has now allowed the companies to bring 50% of their dollars into bank accounts while the rest can be brought in cash.

An SBP circular has notified the change in the Exchange companies manual. The circular said that the relaxation to money changers will last till December 31 of the current year.

Currency dealers say that the dollars will be brought in cash as cargoes through Bahrain, Singapore and Dubai.

Faced with depleting foreign exchange reserves, Pakistan has finally managed to secure a bailout agreement from the International Monetary Fund and additional help from friendly countries.

However, the dollar continues to gain strength against the rupee and availability in local markets remains low.

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