Pakistan News

Cheques for outward remittances

Cheques for outward remittances

KARACHI: The State Bank of Pakistan (SBP) on Friday amended regulations to strengthen the foreign exchange regime to encourage customers to use banking channels.

The SBP said the banking channels will be used to buy foreign currency through exchange companies.

All foreign currency purchases or outward remittances of $2,000 or above will be now conducted through cheques.

The State Bank said a buyer has to give a cheque from his personal account.

“This step is also focused on encouraging the general public to use various banking channels, which are generally more secure, to fulfill their genuine foreign exchange needs,” said the SBP.

Published in Dawn, September 24th, 2022

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