KARACHI: The State Bank has relaxed the rules for exporters, allowing exporters to use funds in foreign accounts without prior permission.
The State Bank has allowed the exporters to use the funds kept in Special Foreign Currency Accounts without obtaining prior permission from the State Bank to improve exports.
In a letter sent by the State Bank to the Presidents and Chief Executives of all Authorized Dealers, it has been stated that exporters are allowed to use funds held in special foreign currency accounts abroad for export improvement and ease of doing business. Now no permission will be required in this regard.
Chief Executive, Pakistan Business Council, Ehsan Malik welcomed the decision and said it will have a positive impact on the export of goods and services.
He said that the limit of amount mentioned in the notification was there before, but it has removed many confusions in the minds of the exporters, now they can use the funds in all kinds of cases.