The Presidents/Chief Executives

All Authorized Dealers in Foreign Exchange

Dear Sir / Madam,

Utilization of Funds held in Exporters’ Special Foreign Currency Accounts (ESFCAs)

1. Attention of Authorized Dealers is invited towards Para 40 of Chapter 12 (Exports) of the Foreign Exchange Manual, which define purposes for utilization of retained funds in Exporters’ Special Foreign Currency Accounts (ESFCAs).
2. In order to facilitate the exporters and to promote ease of doing business, the utilization of the retained funds has been further liberalized. Henceforth, all exporters will be able to freely utilize the funds held in ESFCAs for making all types of payments abroad of current account nature, for their own business purposes, without prior SBP approval. Furthermore, on request of exporters, Authorized Dealers may issue debit cards against the balances held in ESFCAs. Accordingly, Para 40 of Chapter 12 (Exports) has been amended and is attached as Annexure-A.
3. Authorized Dealers are advised to bring these instructions to the knowledge of all their constituents for meticulous compliance.