KARACHI: The State Bank of Pakistan has amended foreign exchange trading regulations to strengthen regulatory framework for foreign exchange companies and encourage customers to use banking channels instead of currency exchanges.
In a statement on Friday, the SBP advised foreign exchange companies to conduct all foreign exchange sales transactions of USD 2,000/ or above (equivalent in other currencies) only through payment methods such as bank transfer/customer personal account cheques.
This initiative will help to further enhance transparency and promote documentation in foreign exchange (FX) transactions, SBP said.
The transaction/instrument reference number and name of the transferring/withdrawing bank should be mentioned on the transaction receipt along with the customer identification document number.
The move was aimed at encouraging the general public to use various banking channels to meet their genuine foreign exchange needs, the central bank said.
Pakistan Association of Exchange Companies Secretary General Zafar Paracha hailed the decision, saying that the move would help stop the depreciation of the rupee.