The State Bank of Pakistan (SBP) on Tuesday removed restrictions on importing U.S. dollars, allowing exchange companies to import cash, if needed, against the value of export consignments.
In a circular, the central bank said exchange companies could import U.S. dollars against the value of export consignments of permissible foreign currencies “within five working days, through reputed cargo/security companies.” It said the arrangement would continue until Dec. 31, adding that companies could not import cash exceeding 50 percent of the value of their export consignments.
According to the SBP, exchange companies must ensure compliance with all relevant laws and regulations, including those of the jurisdiction from where U.S. dollars are being imported. “Exchange companies shall ensure that all transactions related to import of cash shall be properly reflected in their books of accounts,” it said.
The Exchange Companies Association of Pakistan has lauded the step, saying it would help overcome the dollar shortage and help bolster the rupee’s value against the U.S. currency.