Karachi – The State Bank of Pakistan (SBP) has issued comprehensive new instructions for banks regarding the opening, operation, and maintenance of foreign currency accounts and non-resident rupee accounts, aiming to boost foreign investment and improve financial access.
In a circular addressed to authorized dealers (ADs), the central bank referred to Chapters 6 and 8 of the Foreign Exchange Manual, introducing key amendments to broaden the scope of accounts available to non-resident individuals and entities. Under the revised framework, all non-resident persons—both natural and juridical—defined under the Income Tax Ordinance, 2001, are now eligible to open and operate accounts in Pakistan.
The SBP has expanded the eligibility of Foreign Currency Value Accounts (FCVA), Non-Resident Rupee Value Accounts (NRVA), Foreign Currency Business Value Accounts (FCBVA), and Non-Resident Rupee Business Value Accounts (NRBVA). These accounts can now be opened by foreign individuals, overseas Pakistanis, and international corporate entities through authorized banks.
The updated guidelines emphasize digital banking, allowing account operations through internet banking, mobile apps, ATM/debit cards, and other electronic channels. Banks have also been encouraged to facilitate real-time currency conversion between foreign currencies and the Pakistani rupee, ensuring transparency in exchange rates.
The SBP has outlined detailed rules for credits and debits, enabling account holders to receive foreign remittances, invest in government securities, stock markets, real estate, and other financial instruments. Notably, non-resident account holders can repatriate funds abroad without prior approval, subject to regulatory compliance.
The framework also strengthens compliance with anti-money laundering (AML) and counter-financing of terrorism (CFT) regulations, ensuring transparency and security in financial transactions.
Additionally, the central bank introduced clear guidelines for real estate investments through NRVA accounts, including conditions for repatriation of proceeds, documentation requirements, and transaction procedures.
These measures are effective immediately and are expected to attract greater foreign inflows, enhance ease of doing business, and strengthen Pakistan’s financial system.