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State Bank limits how many dollars you can buy in Pakistan



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The State Bank of Pakistan or SBP has tightened rules governing the sale and purchase of foreign exchange in an attempt to curb the buying and selling of dollars.

According to a notification issued Sunday, all exchange companies have been instructed to restrict the purchase of foreign exchange of more than $10,000 per day and $100,000 per calendar year (or equivalent in other currencies) in the form of cash or outward remittances.

Exchange companies will have to obtain supporting documents against the sale of foreign exchange in excess of $1,000 (or equivalent in other currencies) substantiating the purpose of transaction.

This step, which is in continuation of other measures being taken by SBP, is primarily aimed at discouraging speculative buying and selling of foreign exchange from exchange companies without affecting the ability of the market to serve the genuine needs of the public.

However, the individuals can still avail the facility of remitting educational and medical expenses abroad up to $70,000 per calendar year and $50,000 per invoice, respectively, from banks as per existing regulation.

The central bank has instructed the companies to perform transactions only at authorized outlets of the company and shall not provide delivery services to the customers.

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