SBP extends USD import deadline until January 15

ISLAMABAD: The State Bank of Pakistan (SBP) on Thursday has extended deadline given to Forex companies for import of United States Dollar (USD) by three months.


Forex dealers have welcomed the extension terming it a positive action that would strengthen Rupee and better USD’s supply.

The exchange companies have been given an extension of as many as three months. The brokers would be able to import USD until January 15 2016 after the new approval.

In September, forex companies had given the SBP at least Rs 19 crore through import of USD. The companies collect and sell foreign currencies in the country.

Exchange companies association of Pakistan’s chairman Malik Bostan has said that Rupee’s value would rise with the act. He said that the difference of USD’s value in open market and inter-bank would also be limited with the SBP’s extension.

Separately, the SBP has announced issuance of new Rs 5 coin of revised size. However, it should be mentioned here that the existing coins would be in circulation also. A statement issued earlier stated that the new coins will be available from all offices of the central bank from today.