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
On Friday, the State Bank of Pakistan (SBP) announced an extension of the facility for exchange companies to import cash US Dollars until June 30, 2024, with the aim of ensuring a sufficient supply of cash USD in the open market.
The Exchange Policy Department of SBP, through a circular letter issued, notified that exchange companies were initially permitted on July 25, 2023, to import cash US Dollars through cargo or security companies. This allowance allowed them to import up to 50% of the value of their export consignments until December 31, 2023.
The circular letter stated, “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.” It further mentioned that all other terms and conditions of the previously mentioned circular letter would remain unchanged.
In accordance with the circular letter issued in July 2023, Exchange Companies were required to incorporate such arrangements in their deals with overseas entities. Additionally, the system-generated deal ticket was mandated to include particulars of the amount intended to be imported as cash US Dollars.
Furthermore, Exchange Companies were mandated to submit prior written intimation, during the 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.
Additionally, they were required to furnish an original deal ticket from a foreign bank or exchange company, clearly indicating the amount of cash US Dollars imported, along with other pertinent documents and details on specific annexures. These documents would then be verified by officials at the booth.