State Bank relaxes forex rules

KARACHI: The State Bank of Pakistan (SBP) has relaxed its foreign exchange regulations, allowing exporters to directly dispatch transport documents to the buyers abroad against shipments valuing up to $100,000 or equivalent, a statement said on Monday.

The development is expected to provide manifold benefits to the local exporters, including reducing the cost of doing business, efficient processing of export documents and improving competitiveness of Pakistani exports in the international market, it added.

Earlier, the carriers (shipping companies, airlines, railways, etc) were required to draw the transport documents (bills of lading, airway bill, railway receipts, etc) only to the order of an authorised dealer for exports taking place from Pakistan and the same were required to be dispatched to the buyer abroad through an authorised dealer.