The State Bank of Pakistan has extended the date for settlement of card-based cross-border transactions through interbank for five months.
This facility previously given for two months had expired on July 31, 2023.
Now the SBP has extended the date till December 31, 2023.
As per the notification issued by the central bank, approved currency dealers can buy dollars from the interbank market in order to settle card-based cross-border transactions using International Payment Schemes (IPS).
“Authorized Dealers were allowed to purchase USD from interbank for settlement of card-based cross-border transactions with International Payment Schemes until July 31, 2023″, the notification reads.
“In this regard, it has been decided to extend the validity of the aforementioned instructions till December 31, 2023”, the letter reads.
Prior to this, the authorized dealers were only allowed to buy USD from exchange companies for such transactions.
