SBP amends foreign exchange regulations

KARACHI: The State Bank of Pakistan on Friday notified revisions in foreign exchange regulations for export of goods from Pakistan (Chapter 12 of the Foreign Exchange Manual).

According to the communication, the key changes include amendments in regulations to facilitate export transactions through the Pakistan Single Window when it becomes operational.

“This will eliminate the requirement of Electronic Form-E (EFE) for carrying out exports from Pakistan,” the bank said.

It said another key amendment introduced in the revised export regulations was the framework for facilitating Pakistani exporters/ entrepreneurs to sell their products through international digital marketplaces including Amazon, e-Bay, Ali Baba under Business to Business to Consumer (B2B2C) eCommerce model.

“These regulations would pave the way for Pakistani exporters particularly the small and medium enterprises exporters to reach out to millions of international consumers for selling their products,” the SBP said.

"This would open up the window of new opportunities for Pakistani business community and result in boosting economic activity and creation of new employment opportunities in the entire value chain,” it added.

The statement said considering the market dynamics and keeping pace with changing business environment, the SBP was in process of revising the foreign exchange regulations, in consultation with relevant stakeholders in a phased manner.

“The primary objective of these revisions is to promote ease of doing business by simplifying the existing instructions, removing the redundancies and delegating more powers to the Authorized Dealers for facilitation of the stakeholders.”

However, once the Pakistan Single Window (PSW) becomes operational, the requirement for EFE would be eliminated thus enhancing ease of doing business for exporters, the central bank said.