The State Bank of Pakistan (SBP) has issued a list of renowned hotels for restricted authorization which are dealing in the foreign currency.
In a bid to streamline and monitor foreign currency transactions in the hospitality sector, the State Bank of Pakistan (SBP) has introduced new regulations affecting a select list of 3, 4, and 5-star hotels. The central bank has released a comprehensive list of establishments, including renowned names such as Movenpick Hotel, Avari Tower, Marriott Hotel, and various Pearl Continental hotels across different cities. These hotels are now subject to restrictions on direct dealings in foreign currency.
The SBP’s directive specifically targets the purchase or encashment of foreign currency notes, coins, and travelers cheques (TCs), limiting these transactions exclusively to the customers of the listed hotels. This strategic move is aimed at fostering transparency, accountability, and compliance within the hospitality industry, discouraging potential misuse of foreign currency dealings.
The listed hotels are expected to adhere to the SBP’s directive, marking a significant step towards establishing a more regulated financial environment. By restricting foreign currency dealings to hotel customers, the SBP aims to create a structured framework that curtails any illicit activities within these establishments, ultimately safeguarding the integrity of foreign currency transactions in the country.
The inclusion of prominent hotels in the list highlights the SBP’s commitment to upholding established guidelines in the hospitality industry. This initiative seeks to prevent any potential exploitation of foreign currency transactions within these high-profile establishments. The move is not only a preventive measure but also an indication of the SBP’s dedication to maintaining a compliant and accountable business environment in the financial sector.
Hoteliers and other stakeholders within the hospitality industry are urged to cooperate with the new guidelines. This collaboration is seen as crucial for upholding the integrity of foreign currency transactions and preventing any potential misuse that could undermine the credibility of financial dealings in the country. The SBP emphasizes that these regulations are designed to contribute to a regulated financial landscape, ensuring responsible and transparent business practices within the hospitality sector.
As the SBP continues to implement measures to regulate foreign currency transactions, this move reflects the central bank’s commitment to creating a robust financial framework. The initiative is expected to strengthen the overall integrity of financial transactions in Pakistan, sending a clear message about the importance of responsible financial practices across various industries. The SBP’s proactive approach underlines its dedication to preventing illicit activities and fostering a compliant and transparent business environment within the country’s financial landscape.
