SBP takes steps to put an end to US Dollar Smuggling

SBP takes steps to put an end to US Dollar Smuggling

The State Bank of Pakistan (SBP) has taken an important decision to curb the rapidly declining foreign exchange reserves and the depreciation of the rupee.

According to media reports, the SBP has imposed a major ban on the remittance of dollars from Pakistan to stop the smuggling of the foreign currency to Afghanistan.

According to State Bank’s decision, the limit for carrying dollars from Pakistan has been set for those going to Afghanistan. A person going to Afghanistan will not be allowed to carry more than $1,000 per trip and $6,000 per year. In addition, exchange companies must provide biometric verification for all foreign currency sales transactions of 500 US dollars and more, and for remittances sent abroad.

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This condition will come into effect from October 20, 2021. According to the SBP, exchange companies sell cash foreign currency equivalent to US $10,000 and more and send remittances abroad only in exchange for checks or banking channels.

These regulatory measures will improve the documentation of foreign exchange sales by exchange companies and prevent the illegal movement of foreign currency out of the country.

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It should be noted that since the withdrawal of US troops in Afghanistan and the overthrow of the Ashraf Ghani government, Pakistan’s foreign exchange reserves have declined sharply and the rupee has depreciated. Experts claim that dollar reserves in Afghanistan are very limited, in this situation, Afghanistan dollars are allegedly being smuggled from Pakistan.

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