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Daily Times
May 25, 2021
The State Bank of Pakistan (SBP) on Monday allowed exchange companies to export foreign currencies other than US dollar (USD) on consignment basis.
The SBP said that under Exchange Companies Manual, the exchange companies are allowed to export permissible foreign currencies other than US dollar.
“In order to further streamline the business of Exchange Companies keeping in view the emerging AML/CFT standards, it has been decided that exchange companies may export foreign currencies other than US dollar on consignment basis only through cargo/security companies registered in Pakistan,” the SBP said.
Further, the earlier mechanism for individual based export/import of foreign currencies by Exchange Companies stands discontinued, it added..
SBP Revises SLR Level for Exchange Companies to Attract FX and Remittances
The State Bank of Pakistan (SBP) has revised the Statutory Liquidity Reserve (SLR) requirement of the Exchange Companies from 25 percent to 15 percent of their capital.
The enhanced liquidity with the Exchange Companies will enable them to channel the home remittances and foreign exchange further.
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This regulatory intervention of the SBP will provide increased liquidity to the Exchange Companies to enable them to play their role in increasing the remittances flow, and the public will be facilitated in the timely and conveniently receiving of home remittances from more than 1,200 outlets of the Exchange Companies across Pakistan.
Pakistan eases statutory liquidity reserve requirement for exchange companies
It will help them address cash flow issues SAMAA | Bilal Hussain - Posted: May 20, 2021 | Last Updated: 4 hours ago SAMAA | Bilal Hussain Posted: May 20, 2021 | Last Updated: 4 hours ago
A currency trader counts Pakistani Rupee notes as he prepares an exchange of U.S dollars in Islamabad, Pakistan December 11, 2017. REUTERS/Caren Firouz
The State Bank of Pakistan has revised the Statutory Liquidity Reserve requirement for exchange companies, reducing it from 25% to 15% of their capital.
It was mandatory for exchange companies to put a quarter of the paid-up capital, the worth of their business, with the central bank to settle things smoothly in case they defaulted.