SBP takes steps to curb speculative trade of foreign exchange
SBP has taken steps to curb speculative buying and selling of foreign exchange from the exchange companies
KARACHI: The State Bank of Pakistan (SBP) has taken steps to curb speculative buying and selling of foreign exchange from the exchange companies.
The central bank took steps to enhance documentation and transparency in foreign exchange transactions through the exchange companies.
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The SBP asked individuals not to purchase foreign exchange from all exchange companies in excess of USD 10,000 per day and USD 100,000 (or equivalent in other currencies) per calendar year, in the form of cash or outward remittances.
“Individuals shall continue to avail the facility of remitting the educational and medical expenses abroad up to USD 70,000 per calendar year and USD 50,000 per invoice respectively, from banks,” the statement read.
Moreover, the exchange companies have been directed to obtain supporting documents against the sale of foreign exchange in excess of USD 1,000 (or equivalent in other currencies).
