Exporters get more freedom to use foreign currency accounts

February 23, 2024 (MLN): The central bank has further eased rules for exporters, allowing them to use their Exporters’ Special Foreign Currency Accounts (ESFCAs) for any current account transactions abroad without prior approval.

The move is aimed at facilitating exporters and promoting ease of doing business.

"All exporters will be able to freely utilize the funds held in ESFCAs for making all types of payments abroad of current account nature, for their own business purposes, without prior SBP approval," said a notice issued by the Exchange Policy Department of the State Bank of Pakistan.

Moreover, on request of exporters, authorized dealers may issue debit cards against the balances held in ESFCAs, the notice said.

The central bank has asked the authorized dealers to bring these instructions to the knowledge of all their constituents for meticulous compliance.

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