SBP Extends Facility Of Importing Cash US$ Till June 30

State Bank of Pakistan (SBP), on Friday, extended the facility for exchange companies to import cash US Dollars till June 30, 2024, to ensure an adequate supply of cash USD in the open market

KARACHI, (UrduPoint / Pakistan Point News - 29th Mar, 2024) State Bank of Pakistan (SBP), on Friday, extended the facility for exchange companies to import cash US Dollars till June 30, 2024, to ensure an adequate supply of cash USD in the open market.

SBP's Exchange Policy Department, in a circular letter issued here, informed that Exchange Companies were allowed by the department on July 25, 2023, to import through Cargo or Security Companies cash US Dollars up to 50% of the value of their export consignments till December 31, 2023.

To ensure an adequate supply of cash USD in the open market, the validity of the above instructions is hereby extended till June 30, 2024, the circular letter read, adding that all other terms and conditions of above mentioned circular letter shall remain unchanged.

As per the circular letter issued in July 2023, Exchange Companies had to include such arrangement in their deal with the overseas entity while the system-generated deal ticket should also include particulars of the amount to be imported as cash US Dollars.

Besides, Exchange Companies were required to submit prior written intimation, at the time of import of US Dollars Cash through their cargo or security companies, to the Foreign Exchange Operations Department (FEOD), SBP Banking Services Corporation and SBP-Customs Joint Booth at the designated airports.

They will also provide an original deal ticket of a foreign bank or exchange company clearly showing the amount of cash US Dollars imported along with other relevant documents and details on specific annexures which shall be verified by officials at the booth.