SBP Revises Selected Chapters of the Foreign Exchange Manual

By MG News | July 20, 2019 at 08:57 PM GMT+05:00

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July 20, 2019 (MLN): The State Bank of Pakistan, after considering the market dynamics, business environment and changes in way of doing business, is in the process of revising the Foreign Exchange Manual in consultation with relevant stakeholders in a phased manner.

According to a press release by the SBP, the revision is mainly aimed at simplification of the existing instructions, adoption of best international practices, removal of redundancies, introduction of new foreign exchange regulations and gradual delegation of powers to the Authorized Dealers for facilitation of the stakeholders.

In this respect, seven chapters of the FE Manual have already been revised in November, 2018 and placed at the SBP’s website, while three chapters of the Manual regarding regulations on Non-resident Rupee Accounts, Blocked Accounts & Dealings in Foreign Currency Notes and Coins etc. by the Authorized Dealers stand revised.

The revised chapters of the Manual have been placed at the State Bank’s website for reference of the stakeholders.

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