SBP directs ADs to purchase export proceeds at market rate

By MG News | April 12, 2023 at 12:26 PM GMT+05:00

0:00

April 12, 2023 (MLN): The State Bank of Pakistan (SBP) on Tuesday directed Authorized Dealers (ADs) to purchase export proceeds from exporters at the prevailing market exchange rate at the close of the retention period, the circular issued by the central bank stating new instructions for ADs said.

This move is aimed to ensure fair and transparent transactions for all parties involved.

Earlier, ADs were required to purchase export proceeds from exporters at least at the buying rate of the weighted average customer exchange rate if the proceeds were not converted into Pakistani Rupees (PKR) within the retention period.

"Authorized Dealers are advised to bring the above instructions to the knowledge of all their constituents and ensure meticulous compliance of the above instructions," the circular read.

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