Business

Notification issued by SBP to remove confusion over foreign currencies

The State Bank of Pakistan (SBP) said in a press statement that there are some confusions and misinterpretations regarding the revised instructions included in the Foreign Exchange Manual related to sale or purchase of foreign currencies to and from public by banks.
“With respect to revised Chapter 11, it has come to our notice that there are some confusions or misinterpretations regarding para 2 suggesting that SBP has allowed the banks to sale or purchase foreign currencies to and from public by amending the existing regulations,” said the SBP release.
Even before the recent revision in Chapter 11, “every authorised branch is permitted to deal in foreign currency notes, coins, deposits, credits, drafts, travellers’ cheques, letters of credit and bills of exchange, expressed or drawn in Pakistani currency but payable in any foreign currency.”