*KARACHI: The State Bank of Pakistan (SBP) has allowed banks, all of theirbranches, to deal in foreign currencies with public across the country.*
The central bank in a circular amended chapters of Foreign Exchange Manualproviding details about the currency business while assigning the role ofexchange companies to banks.
The banks were earlier, not allowed to sell or buy foreign currenciesdirectly from public except for those having their own exchange companies.
Though the bank did not explain the future role of exchange companies butthey feel threatened with the latest decision.
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The SBP said that all incoming persons whether Pakistani or foreignnational can bring with them without any limit foreign currencies and otherinstruments against the submission of a declaration to the customsauthorities on amount exceeding $10,000 or equivalent.
