March 29, 2024 (MLN): In order to ensure an adequate supply of cash Dollars in the open market, the validity of allowing Exchange Companies (ECs) to import cash US Dollars up to 50% of the value of their export consignments is hereby extended till June 30, 2024.
To recall, on July 25, 2023, the central bank announced that ECs, on a need basis, may import cash US Dollars against the value of their export consignments of permissible foreign currencies within five working days, through reputed cargo/security companies.
This arrangement was effective until December 31, 2023, which the SBP has now extended by an additional 6 months.
It is worth noting, that the EC were allowed to export permissible foreign currencies other than US Dollars through cargo/security companies and repatriate equivalent US Dollars in their foreign currency accounts maintained with banks in Pakistan, within five working days from the date of export of foreign currencies.
However, with the aforementioned development, cash dollars can be brought in through cargo or security companies.
