ISLAMABAD: Pakistan’s central bank has directed all exchange companies toseek prior permission for export of US dollar currency notes which had beenallowed last month to boost the foreign exchange flow into the interbankmarket.
The State Bank of Pakistan’s directive comes at a time when the rupee isdepreciating against the US dollar in the interbank market despite thedisbursement of $1.16 billion by the International Monetary Fund (IMF) lastweek which marked the revival of the Extended Funded Facility program.
The rupee lost Rs2 against the US dollar in the interbank market onWednesday, as the greenback continued to strengthen globally with thedollar index.
“The US dollar is in short supply in the market now, and the state bank hastaken the right decision at the right time to restrict its export,” ZafarParacha, general-secretary of the Exchange Companies Association ofPakistan (ECAP), told Arab News.
The central bank through a notification effective from today (Wednesday)said that exchange companies “shall seek prior approval from SBP for suchexport of USD currency notes.”
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“Exchange companies are advised to ensure meticulous compliance with theseinstructions,” the notification read.
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