Aug 2

SBP introduces foreign currency, rupee value business accounts

KARACHI: State Bank of Pakistan (SBP) on Monday introduced a separate category of foreign currency and rupee value business value account (FCBVA). The central bank invited attention of banks and authorized dealers in foreign currency to Chapter 6 of the Foreign Exchange Manual, which provided general instructions for opening and maintaining foreign currency accounts in […]

by Hamza Shah

No plan to freeze foreign currency accounts: SBP

Jun 6

No plan to freeze foreign currency accounts: SBP

KARACHI: The State Bank of Pakistan (SBP) on Monday rejected rumors related to freezing foreign currency accounts. The SBP in a statement said the government of Pakistan and the State Bank assure all account holders maintaining Foreign Currency Accounts (FCA), Roshan Digital Accounts (RDA) and Safety Deposit Lockers in banks in Pakistan that their accounts […]

by Faisal Shah

SBP broadens utilization of foreign currency accounts for exporters

Feb 19

Money & Banking

SBP broadens utilization of foreign currency accounts for exporters

KARACHI: State Bank of Pakistan (SBP) has broadened the purposes for which the funds retained by exporters in the Special Foreign Currency Accounts (SFCAs) can be utilized. Banks are allowed to make payment from the accounts for a number of new purposes in addition to existing ones, SBP said in a statement on Friday. However, […]

by Anjum Shah

Banks allowed opening foreign currency accounts of entities operating in STZs

Dec 11

Money & Banking

Banks allowed opening foreign currency accounts of entities operating in STZs

KARACHI: State Bank of Pakistan (SBP) on Friday allowed commercial banks to open foreign currency accounts by entities operating under newly established Special Technology Zones (STZs) The SBP in a notification said that in order to further the objectives of establishing the Special Technology Zones under the Special Technology Zones Authority Ordinance, 2020, it has […]

by Anjum Shah

SBP allows opening foreign currency account to individuals holding POC

Nov 17

Money & Banking

SBP allows opening foreign currency account to individuals holding POC

KARACHI: State Bank of Pakistan (SBP) on Tuesday allowed non-resident individuals holding Pakistan Origin Card (POC) to open foreign currency account. The SBP said that as per FE circular No. 02 dated August 05, 2020, a non resident individuals is eligible to open foreign currency account. The SBP clarified that an individual non-resident, holding Pakistan […]

by Anjum Shah