1.
Attention of the Exchange Companies is drawn to F.E. Circular
No. 8 dated 8th July 2006 in terms of which Exchange Companies
were required to ensure that a minimum of 10% of foreign
currencies exported by them and a minimum of 10% of foreign
exchange received by them on account of inward home remittances,
in equivalent US Dollars, must invariably be sold in the
Interbank Market on an ongoing basis. It has now been
decided to amend the above instructions to give the following
effect:
a) Exchange Companies are required to ensure that they
bring a minimum of 25% of foreign currencies exported
by them in their FCY Accounts maintained with banks in
Pakistan on an ongoing basis. Out of the amounts so brought
in, Exchange Companies will be required to sell at least
10% in the Interbank Market, whereas balance amount out
of the above mentioned 25% will mandatorily be required
to be withdrawn in cash US Dollars from FCY Accounts maintained
with banks in Pakistan.
b)
It has also been decided that a minimum of 15%, instead
of earlier 10%, of foreign currencies received by Exchange
companies on account of inward home remittance, in equivalent
US Dollar, must invariably be sold in the Interbank Market
on an ongoing basis.
c)
A report on every Monday must be submitted to this department
by every Exchange Company, giving aggregate FCY amounts
mobilized under the above two categories and amounts sold
in the Interbank Market along with the name of the counter
parties & relevant dates.
2.
Exchange Companies are also required to report to SBP
on daily basis, all transactions of US$ 5000/- or above
(or equivalent thereof) made by the Exchange Company on
account of i) sale/purchase over the counter and ii) outward
remittances with all related particulars. The daily data
in excel sheet should reach Exchange Policy Department,
State Bank of Pakistan on the format enclosed herewith
at the following e-mail address by 7:00 P.M: ec.epd@sbp.org.pk
Failure
to comply with the above instructions will be dealt strictly
under related rules & regulations as deemed appropriate.
Encl.: Format
