KARACHI – The State Bank of Pakistan (SBP) has decided to make the biometric verification mandatory for those purchasing $500 and above from exchange companies in order to curb hoarding of the foreign currency, it emerged on Friday.
Reports said the top officials of the central bank put forth its plan in a meeting of the Special Investment Facilitation Council (SIFC) Apex Committee earlier this month, saying it is the part of reforms being introduced for the exchange companies.
The South Asian country faces shortage of dollars due to unsatisfactory exports and remittance. It has to pay a major chunk of dollars to clear import bills.
The SBP officials told the SIFC that it has reduced the US dollar purchase limit for people travelling from $10,000 to $5,000 and annual from $60,000 to $30,000.
“Any customer purchasing $2000 or above from exchange companies has to pay from their Pak Rupee account.
:For an individual, the central bank has fixed the US dollar purchase limit of $10,000 per day and annual purchase of $100,000,” Geo News reported.
Currently, the US dollar is being traded below Rs300 as the government launched a massive crackdown against dollar smuggling and hoarding after it crossed Rs300 mark in interbank and open markets.
