Pakistan’s central bank has allowed authorized Exchange Companies to import cash U.S. dollars for two months against the sales of permissible foreign currencies, lifting a ten year ban on the import of greenback that will help stabilize the exchange rate in the face of rising demand.
The authorized companies can bring in cash dollars directly in baggage or in their back accounts between Aug.3 – Oct. 15, or until further instructions, according to a circular issued by the bank on July 27.
The new measure will help stabilize the rupee-dollar parity which has shown upward trend in recent days against demand which will likely to go high as Muslims plan for annual pilgrimage in Saudi Arabia.
While allowing the import of cash dollars, the companies may continue to export permissible foreign currencies against repatriation of equivalent U.S. dollars in their foreign currency accounts maintained with banks in Pakistan as per existing procedure.
Under the new arrangements, the U.S. dollars can only be imported through Jinnah International Airport, Karachi. Only those incoming flights must be chosen which are scheduled to arrive at JIAP between 10:30 am to 6:30 pm from Monday to Saturday.
The Exchange Companies will give written information to relevant State Bank of Pakistan-Customs Joint Booth staff of Karachi, Lahore or Islamabad airports at the time of exporting foreign currencies, clearly mentioning the amount of cash U.S. dollars to be imported. They will also mention the flight number and time of arrival of flight at Karachi airport for bringing in dollars.
Cash U.S. dollars must be brought into Pakistan within two working days from the date of export of foreign currencies. The practice of repatriation of US dollars through credit to bank accounts of Exchange Companies with banks in Pakistan will remain unchanged.