For facilitating genuine buyers, the State Bank of Pakistan (SBP) on Saturday temporarily allowed the exchange companies to sell over $500 to individuals on production of biometric certification from the National Database and Registration Authority’s e-Sahulat outlets.
The SBP had directed the exchange companies through a circular dated Oct 7 to conduct mandatory biometric verification from Oct 22 for all foreign currency sale transactions equivalent to $500 and above and outward remittances. However, the biometric verification requirement could not be implemented since the system to connect with Nadra was not available.
The central bank took this decision to stop dollar outflow particularly to Afghanistan following a sharp increase in demand which destabilised the exchange rate in the open market amid media reports that millions of dollars were being smuggled out to Kabul particularly after the change of regime.
“The State Bank of Pakistan has allowed us to sell dollars with biometric certification from Nadra’s e-Sahulat franchises up to Nov 5,” Exchange Companies Association of Pakistan (ECAP) Secretary General Zafar Paracha told Dawn.
