KARACHI: The State Bank of Pakistan (SBP) has reviewed the guidelines related to retention period of export proceeds and allowed banks to buy foreign exchange if an exporter fails to conclude transaction.
The central bank revised the procedure under Foreign Exchange Manual–2002 to ensure effective implementation of the instructions contained in the manual.
According to revised guidelines, the SBP said that it is permissible for exporters to retain the export proceeds including ‘advance payments’ in foreign currency with an authorized dealer in Pakistan for three working days and to sell the same within this period to any authorized dealer.
The foreign currency so retained shall be kept by the authorized dealers in ‘special exporters’ account’ outside their ‘exposure’ limits. “However, if an exporter does not conclude a transaction with an authorised dealer by end of the third working day, the dealer that has received the export proceeds shall purchase the same at the ‘buying’ rate of weighted average customer exchange rate of that day as available on SBP website.
