Pakistan News

    Foreign Currency Rules In Pakistan

  • China wants to follow rules on currency basket: IMF

    WASHINGTON: China does not want to bend the rules in its favour to include the yuan in the IMF’s basket of major reserve cur­­rencies, the No...

    Beijing tightly controls the yuan’s movements and has strong capital controls, but it is pushing for increased use of the currency for trade and investment as part of a long-term strategic goal to reduce dependence on the dollar and to raise its global economic clout...

  • SBP directive on exporters’ foreign currency accounts

    KARACHI: The State Bank of Pakistan (SBP) issued instructions to all banks regarding the exporters’ special foreign currency accounts and asked them to ensure prescribed use of export proceeds...

    Authorised dealers (banks) must follow the standard operating procedures for opening and maintenance of these accounts and ensure compliance of all related requirements about the foreign exchange regulations, the SBP added...

  • Foreign currency accounts will not be frozen, Senate told

    ISLAMABAD: State Min­is­ter for Finance Hammad Azhar told the Senate on Wed­­nesday that foreign cur­rency accounts would not be frozen and nobody would be allowed to freeze them...

    Responding to questions from members, Barrister Hammad Azhar informed the Senate that foreign remittances had increased significantly in the last quarter, particularly in October...

  • Turkey revokes restrictions on foreign currency use

    ISTANBUL: Turkey has rolled back some restrictions on the use of foreign currencies that were brought in at the height of an economic crisis this year, according to a decree published on Friday, loosening the rules after lobbying from the hotel industry...

    In September the government ruled that property sales, rental contracts and leases should all be made in lira, a move President Tayyip Erdogan said would support the currency... ...

  • Govt sets caps by age on amount of foreign currency allowed to be carried abroad

    The amount of foreign currency travellers leaving Pakistan can carry without having to declare it has been capped by the age of the traveler, a new advisory issued by the Federal Board of Revenue (FBR) says...

    According to the FBR advisory, issued on Tuesday, travellers aged less than 5 years can carry $1,000 (or an equivalent amount in other foreign currencies) on a single visit...

  • Banks allowed to do foreign currency business with public

    KARACHI: The State Bank of Pakistan (SBP) has laid the foundation to eliminate exchange companies from the currency business by allowing banks and their entire branches to buy and sell foreign currencies with public across the country...

    The SBP on Saturday issued revised chapters of Foreign Exchange (FE) Manual providing details about the currency business while assigning the role of exchange companies to banks...

  • Foreign secretary rules out IS presence in Pakistan

    ISLAMABAD: Foreign Secretary Aizaz Chaudhry on Sunday ruled out the possibility of self-styled terrorist outfit Islamic State’s presence in Pakistan, Radio Pakistan reported...

    In an interview, Chaudhry said no one in Pakistan will be allowed to have links with Daesh – Arabic acronym for the Islamic State (IS)...

  • UN rules for treatment of prisoners renamed as ‘Nelson Mandela Rules’

    UNITED NATIONS: The United Nations has amended and renamed its Standard Minimum Rules for the Treatment of Prisoners — the Nelson Mandela Rules, a UN press statement said on Wednesday...

    UN Secretary-General Ban Ki-moon welcomed the adoption of NM rules as “a great step forward” but also drew attention to three areas that could be strengthened from a human rights perspective...

  • Saudi bourse issues rules before foreign opening

    RIYADH: Small-time players need not apply when the Saudi Arabian stock market opens to foreign investment on June 15, according to regulations released on Monday...

    It also restricted foreign ownership of a single stock to 49 per cent, Bloomberg News said...

  • Pakistan currency limit for travellers raised to Rs10,000

    KARACHI: People travelling to or from Pakistan can now carry Rs10,000 in cash after the State Bank of Pakistan (SBP) raised the limit on Tuesday by more than three times...

    A passenger can carry up to $10,000 or equivalent notes of another currency while going abroad, according to SBP’s foreign exchange rules...

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