In a significant move aimed at stabilizing the open market, the State Bank of Pakistan (SBP) has extended the permission granted to exchange companies to import US dollars until June 30, 2025. This extension follows the earlier directive that was set to expire in June 2024.
The central bank referred to its prior instructions outlined in EPD Circular Letter No. 11 (dated July 25, 2023) and EPD Circular Letter No. 3 (dated March 29, 2024), which had permitted exchange companies to import cash US dollars up to 50% of the value of their export consignments until June 30, 2024. In a circular dated September 20, 2024, SBP announced the extension of this allowance for an additional year.
The SBP emphasized that this step is taken to ensure an adequate supply of cash US dollars in the open market, addressing potential shortages and supporting market stability.
All other terms and conditions stipulated in the previous circulars will remain unchanged, according to the central bank’s latest notification.
This move is expected to alleviate concerns surrounding dollar availability and strengthen the exchange rate regime as Pakistan continues to navigate economic challenges.
