What about us?

Recently the State Bank of Pakistan (SBP) issued a circular that no person shall buy foreign exchange of more than $10,000 per day and $100,000 (or equivalent in other currencies) per calendar year in the form of cash or outward remittances. This is a good step to prevent the dollarisation of the local economy and to limit the outflow of foreign currency or ill-gotten money to other countries.

However, the decision is a cause of great concern to overseas Pakistanis who have assets in Pakistan. There needs to be exceptions for overseas Pakistanis who want to sell their – legally acquired and declared – property or other assets in Pakistan to remit the proceeds of such sales. These proceeds may exceed the limits set by the SBP, so it should elaborate the process through which this may be done. The process should be simple and hassle free. The purchase/outward remittance limits should be waived on the presentation of sale documents to exchange companies/banks.

Dr Tauseef Quraishi

Madison, USA