Deadline for import of cash dollars extended

The State Bank of Pakistan (SBP) on Monday extended the deadline for exchange companies to import half the dollar value of their currency exports, in cash, until the end of FY25 against the previous validity of June 30. According to an SBP circular, the decision was taken to ensure an adequate supply of US dollars in the open market. The exchange companies can export foreign currencies, barring greenbacks, to Dubai and bring back the entire amount in US dollars through banking channels. Later, the State Bank allowed half of the forex imports in cash to improve liquidity in the open market for general masses who need foreign exchange to travel abroad for Umrah, health, education and other purposes. Exchange Companies Association of Pakistan General Secretary Zafar Paracha said the deadline extension would stabilise the open market longer and end the liquidity shortages.