The State Bank of Pakistan (SBP) has decided to impose new restrictions on the cash purchase and sale of US dollars across the country. In a move aimed at tightening currency controls and promoting digital transactions, the central bank has directed commercial banks to credit purchased dollars directly into customers’ accounts instead of handing them out in cash.
According to a circular issued by the SBP, the guidelines governing foreign currency dealings have been amended. The circular states that the decision is part of an effort to promote a cashless economy in Pakistan. Under the new rules, any foreign currency purchased for the purpose of depositing into FCY (Foreign Currency) accounts will now be conducted strictly through account-to-account transfers.
The SBP believes the measure will enhance transparency, reduce cash-based currency dealings, and strengthen oversight of foreign exchange flows in the country.