Sell or Buy foreign currencies: SBP issues important instructions to Banks
*KARACHI: The State Bank of Pakistan (SBP) has allowed banks, all of their branches, to deal in foreign currencies with public across the country.*
The central bank in a circular amended chapters of Foreign Exchange Manual providing details about the currency business while assigning the role of exchange companies to banks.
The banks were earlier, not allowed to sell or buy foreign currencies directly from public except for those having their own exchange companies.
Though the bank did not explain the future role of exchange companies but they feel threatened with the latest decision.
The SBP said that all incoming persons whether Pakistani or foreign national can bring with them without any limit foreign currencies and other instruments against the submission of a declaration to the customs authorities on amount exceeding $10,000 or equivalent.