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Moneychangers allowed to take out foreign currencies till March 15

KARACHI (February 18 2003) : The State Bank of Pakistan has allowed the moneychangers to continue to take out foreign currencies from Pakistan but extended the facility only for one month.

The SBP issued a circular advising the Forex Association of Pakistan to continue their business of foreign currency to take out of the country till March 15, 2003.

The State Bank had issued a circular last week, which authorised the representatives nominated by duly licensed exchange companies to take out of Pakistan foreign currency notes other than US dollars, for the purpose of exchanging the same abroad into US dollar currency notes.

“In light of the above, the permission given to representatives of Forex Association of Pakistan in terms of letter dated July 17, 2001 will terminate after 15th February, 2003 and will not be extended beyond February 16, 2003,” said the SBP circular.

The circulars created panic among the moneychangers and they immediately contacted the State Bank for the withdrawal of the circular.

“We have to advise that the permission given to representatives of Forex Association of Pakistan is extended up to 15th March, 2003.

This is in addition to the authorisation given for this purpose to the Exchange Companies under our above referred letter,” said the new circular issued by the SBP on Monday.

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