KARACHI: The State Bank of Pakistan has advised banks to clear the transactions of export proceeds within three days, while exporters were allowed to sell their proceeds within this period.
“It is permissible for exporters to retain the proceeds including ‘advance payments’ in foreign currency with an authorised dealer for three working days and to sell the same within this period to any authorised dealer,” said a circular issued by the central bank on Thursday.
The foreign currency retained will be kept by the authorised dealers in special exporters’ account outside their ‘exposure’ limits.
“However, if an exporter does not conclude a transaction with an authorised dealer by end of the third working day, the dealer that has received the export proceeds will purchase the same at the ‘buying’ rate of weighted average customer exchange rate of that day,” said the SBP.
A currency dealer working for inter-bank market said that banks have been restricted to complete the transactions of export proceeds within three days.
Courtesy : Dawn News