ANNOUNCEMENT 27 Jul 2015
In July 2015, the government of Pakistan announced a rule change for commercial cross-border financial flows.
NUMBER OF INTERVENTIONS
EPD Circular Letter No. 16 of 2015
Extension - EPD Circular Letter No. 19 of 2015
EPD Circular Letter No. 01 of 2016
Circular Letter No. 01 of 2016
Circular Letter No. 14 of 2017
EPD Circular Letter No. 01 of 2018
On 27 July 2015, the State Bank of Pakistan through EPD Circular Letter No. 2015 permitted import of physical US dollar billls by Exchange Companies against export of permissible foreign currencies. Such import had been disallowed since 2005. The measure, originally valid from 3 August 2015 to 15 October 2015, has been extended until 15 January 2016.
By subsequent Circulars the validity of the measure has been extended until 15 April 2016 (Circular Letter No. 01 of 2016), until 30 June 2017 (Circular Letter No. 07 of 2016) and thereafter until 31 December 2017 (Circular Letter No. 14 of 2017).
On 1 January 2018, the import of US Dollars was extended indefinitely. However, the total import of US Dollars has been restricted to 35% of the export of permissible foreign currencies in a month. Limits on imports or repatriation of equivalent US Dollars was later withdrawn on 9 January 2018.