State Bank imposes restrictions on the purchase of foreign currency

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State Bank imposes restrictions on the purchase of foreign currency

Ishaque Dar
Courtesy: AFP

At the beginning of the year, the dollar was about Rs 176 against the rupee in the interbank, which reached Rs 225 at the end of the year and the US currency price increased by about 28 % throughout the year.

At the end of September, the present government made Ishaq Dar the finance minister instead of Muftiah Ismail, while the dollar rate gradually decreased from the historical level of 240 to 222, which has now been up to 225.

In this regard, the opposition and some economists declare the dollar rate to stop the dollar through Ishaq Dar's strict policy, while the government defends the policy.

In the meantime, the government has taken several steps to reduce the dollar rate and eliminate its shortage.

Restrictions on currency buying

The State Bank of Pakistan tightened sanctions on buying dollars from the open market in the last few months of this year.

The State Bank's Exchange Policy Department issued new instructions for those who buy dollars from the open market. Under this, it has been mandatory to provide bank statements, visas, tickets, or other documents in addition to the identity card to buy any other foreign currency worth more than $ 2,000. After that, it has become extremely difficult for the common man to buy dollars without cause.

Dollar
Courtesy: AFP



Imports banned

In order to eliminate the shortage of dollars and foreign currency in the country, the government banned the import of various goods in May, including luxury items, food items, large vehicles, and a few other things. However, in August, the federal government announced the ban on the import of all items, including luxury goods.

The then Finance Minister Muftiah Ismail announced on the occasion that imports must be lifted to meet international requirements and the IMF also wants us to remove the import.

Muftiah Ismail said that the IMF's condition was lifting the ban on luxury items, but the duties on luxury imported items would be imposed three times the RDs.

However, several companies and sectors complained that the letters of Credit (LC) were not being issued by commercial banks for the import of raw materials and other goods.

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