To curb the hoarding of US dollars, the State Bank of Pakistan (SBP) has introduced a plan requiring biometric verification for purchases of $500 or more from exchange companies.
During a January 3, 2024 meeting of the Special Investment Facilitation Council (SIFC) Apex Committee, as per an anonymous official from the SIFC Secretariat.
Pakistan’s ongoing dollar crisis, attributed to subpar exports and remittances and the high use of dollars for imports, has led to opportunistic hoarding for profit.
The SBP has also lowered the dollar purchase limit for travel from $10,000 to $5,000 per trip and the annual limit from $60,000 to $30,000. Purchases of $2000 or more must now be made from customers’ Pak Rupee accounts.
For individuals, the SBP sets a daily dollar purchase cap of $10,000 and an annual limit of $100,000.
As part of these reforms, the Federal Investigation Agency will collaborate with the SBP and other stakeholders to intensify actions against illegal foreign exchange operations.
The official stated that these reforms will be announced following their approval at the next SIFC meeting.
In response to the dollar exceeding the 300 mark last year, the government initiated actions against dollar smuggling and hoarding. The Ministry of Interior compiled a list of involved groups, identifying facilitators within government ranks.
