SBP updates instructions on importing cash dollars
The central bank has updated its instructions for foreign exchange companies for importing US dollars, allowing them to import cash dollars against the value of their export consignments of permissible foreign currencies within five working days through reputed cargo or security companies. The State Bank of Pakistan (SBP) has updated these terms by adding a paragraph — titled ‘Import of Cash US Dollars through Cargo/Security Companies’ — to Chapter 5 of the Exchange Companies Manual. It said that this arrangement would initially be in place until Dec 31, 2023, and would be subject to the condition that total cash dollars imported by an exchange company during this period shall not exceed 50 per cent of the value of its export consignments. It said the exchange companies should include such an arrangement in their deal with the overseas entity. The system-generated deal ticket shall also include particulars of the amount to be imported as cash dollars, if any, out of the total export consignment.