KARACHI – The State Bank of Pakistan (SBP) has taken a significant step towards enhancing the transparency and security of foreign currency transactions in the country.
Starting from the beginning of the new year, the central bank has mandated that all exchange companies and money changers verify the identity of individuals buying or selling currency through the National Database and Registration Authority (NADRA) system.
The move aims to curb illegal transactions, undeclared dealings, and potential money laundering attempts in the currency market.
According to the SBP, this new measure will ensure that records of currency transactions are more transparent, secure, and stored digitally, which will enhance monitoring and allow for quick identification of any suspicious activities.
This policy has been welcomed by the banking sector, economists, and legal experts, who believe that the introduction of digital verification will bring Pakistan’s currency business in line with international standards.
The new system is expected to improve oversight and strengthen the security of currency exchanges in the country.
