Islamabad: The State Bank of Pakistan (SBP) has put another another limitation on buying dollars on the open market, requiring biometric authentication for all persons purchasing $500 or more. It’s worth noting that the dollar reached a new high of Rs. 171 on Wednesday, setting a new high.
“For all foreign currency sale transactions of $500 or more, as well as export remittances, exchange companies will be required to undergo biometric verification,” the central bank said.
Previously, anyone could buy dollars from exchange companies by presenting a copy of their national ID card. “This requirement will take effect on October 22, 2021,” according to the SBP.
Furthermore, exchange companies will sell cash foreign currency and perform outward remittances of $10,000 or more only if funds are received via check or banking channels.
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The initiatives are part of the central bank’s efforts to stem the large outflow of dollars to Afghanistan, which exchange businesses and Fitch Ratings have identified as a major contributor to the currency’s rapid depreciation.