Pakistan Tightens Cash Dollar Sales in Bid to Curb Outflow and Support Rupee.
Pakistan Tightens Cash Dollar Sales in Bid to Curb Outflow and Support RupeeKarachi, November 17 (PTI) – The State Bank of Pakistan (SBP) has introduced strict new controls on the sale of physical US dollar cash to individuals, in a fresh attempt to stem undocumented dollar outflows and prevent further pressure on the Pakistani rupee. Under a circular issued on Sunday, commercial banks have been barred from dispensing cash US dollars to customers who do not maintain foreign-currency accounts. All purchases intended for deposit into such accounts must now be executed through account-to-account transfers, effectively eliminating over-the-counter cash payouts for this purpose. Authorized exchange companies have also been directed to cap cash dollar sales at USD 500 per customer. Any amount above this threshold will require biometric verification, submission of supporting documents justifying the need (such as travel tickets, admission letters, or medical invoices), and prior approval. The SBP stated that the measures are designed “to promote a cashless economy” and ensure “all foreign currency sale transactions to resident citizens of Pakistan for the purpose of deposit into FCY accounts will be executed through account-to-account transfer.”Industry sources said the restrictions extend beyond US dollars. Purchases of euros, British pounds, or other foreign currencies from exchange companies will now be settled via bank cheques that take five to seven working days to clear when deposited into the buyer’s foreign-currency account. Sardar Naseem, a senior official at Galaxy Exchange Company, explained that even dollars bought from exchange firms for eventual deposit will no longer be handed over in cash. “The company will issue a cheque of that amount, which will be deposited directly into the customer’s foreign-currency account at their bank,” he said. The new rules apply uniformly, including to pilgrims travelling for Hajj or Umrah and students proceeding abroad for higher education, who must also furnish full documentation for purchases exceeding USD 500. Currency market analysts described the move as the latest in a series of administrative steps to shrink the parallel “open market” premium on the dollar and force greater dollar liquidity into the formal interbank market. By preventing exchange companies from holding large cash dollar balances in their own bank accounts, the SBP appears intent on compelling dealers to sell surplus dollars directly to banks rather than to retail customers. The measures come amid continued pressure on Pakistan’s foreign-exchange reserves and a persistent gap between interbank and open-market dollar rates, despite a USD 7 billion IMF Extended Fund Facility approved earlier this year. Market participants said genuine travellers and students are unlikely to face major disruption provided they submit the required paperwork, but the added documentation and delays could inconvenience smaller buyers and slow retail foreign-currency transactions in the coming days.
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