KARACHI – State Bank of Pakistan has relaxed regulations for exporters by allowing them to utilise funds in their foreign currency accounts without prior approval.
The decision has been taken in order to facilitate exporters so the exports of the country could be increased. The exporters are now not bound to take prior approval from the central bank to use the funds.
All authorized dealers and chief executives have been informed by the State Bank that exporters are allowed to use funds in their foreign currency accounts. Now, there will be no requirement for any authorization letter in this regard.
Chief Executive of Pakistan Business Council, Ehsan Malik welcomed the decision, stating that it will have positive effects on exports of goods and services.
The notification issued by the central bank in this regard will clear confusion among the exporters.
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