SBP eases rules for exporters to use foreign currency accounts

The State Bank of Pakistan (SBP) said it had allowed exporters to use funds in their special foreign currency accounts for any kind of payments abroad without prior approval, in a move to facilitate trade and ease of doing business.

“Authorised dealers (ADs) may allow exporters of goods and services to retain a prescribed percentage of their export proceeds in Exporters’ Special Foreign Currency Account (ESFCAs),” the SBP said in a circular.

“In this regard, the exporters may utilise these funds freely for making all types of payments abroad of current account nature to fulfil the needs of their own businesses, without prior SBP approval.”

This action was taken by the central bank to facilitate exporters, encourage ease of doing business, and further liberalise the use of retained money.

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