RECORDER REPORT

KARACHI: Zafar Paracha, General Secretary, Exchange Companies Association of Pakistan has welcomed the State Bank of Pakistan’s fresh measures to curb undesirable foreign currency outflow.

He said that the State Bank has taken concrete steps to control the undesirable foreign currencies outflow and flight of USD from the country. He said that SBP’s steps are in the right direction and will help to further streamline the money exchange business.

Recently, the SBP has asked Exchange Companies for biometric verification for all transactions equivalent to and or above U$500 and transactions of 10,000 or above (or equivalent other currencies) will be conducted through cheque bank transfer from the personal account of the customer.

In addition, persons travelling to Afghanistan will be allowed to carry only $1,000 per person per visit with maximum annual limit of $ 6,000.