SBP allows export of currencies except US dollars

KARACHI: State Bank of Pakistan has allowed foreign exchange companies to export all types of foreign currencies other than US dollars. The companies will do these transactions as per prescribed procedure and declaration at SBP Customs Joint Booths located at Jinnah International Airport in Karachi and Allama Iqbal International Airport in Lahore, said SBP circular here on Wednesday. The exchange companies shall, however, ensure to receive the equivalent US dollars against exported currencies in their foreign currency accounts maintained with banks in Pakistan within three working days.An evidence to this effect should immediately be submitted to this department against each shipment.The attention of the exchange companies has been invited to para 3 of F.E. circular No. 4 of May 09, 2008 whereby exchange companies were allowed to export cash in UK Pound Sterling, Euro and UAE Dirhams. These instructions have been withdrawn with immediate effect.The circular further said that other instructions on the above subject shall, however, remain the same – APP