To combat foreign currency hoarding, the State Bank of Pakistan (SBP) said on Friday that it has chosen to require biometric authentication for anyone purchasing $500 or more from exchange companies. arrived.
According to reports, senior central bank representatives discussed their proposal earlier this month at a meeting of the Special Investment Facilitation Council (SIFC) apex committee. They said that the idea was a component of changes that would be made for exchange companies. is a component.
State Bank representatives informed SIFC that the yearly cap on US currency purchases for travellers has been lowered from $60,000 to $30,000 and from $10,000 to $5,000.
Any customer using their Pak Rupee account to make purchases from exchange companies for $2000 or more will be required to do so.
The central bank has established daily and annual purchase limitations of $10,000 and $100,000 in US dollars, respectively, for a person. The US dollar is currently trading below Rs 300 because, after crossing Rs 300 in the interbank and open market, the government initiated a significant crackdown on dollar hoarding and smuggling.
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