Exporters allowed to utilise dollars abroad freely

Exporters allowed to utilise dollars abroad freely

/ News / Exporters allowed to utilise dollars abroad freely

In Karachi, the State Bank of Pakistan (SBP) has granted exporters the autonomy to employ their funds in foreign currency accounts sans any prerequisite endorsement.

Government endeavors to augment exports and provide exporters with unimpeded access to dollars for promotional and correlated intentions are underway.

The SBP circular states, "To ease the operations of exporters and foster a business-friendly environment, the liberalization of retained funds utilization has been extended."

The circular goes on to articulate, "All exporters shall have unrestricted access to the funds harbored in Exporters Special Foreign Currency Accounts (ESFCAs) for executing all forms of overseas payments falling under the current account category, pertinent to their commercial objectives, sans the necessity of prior SBP authorization."

Moreover, upon the exporters solicitation, authorized dealers (banks) are permitted to furnish debit cards linked to the balances in ESFCAs.

Banks are directed to disseminate these directives to all their constituents for scrupulous adherence. Typically, exporters allocate their dollars towards global business expansion, and the prior constraint is perceived as an impediment, a barrier that has now been eradicated.