Amendment of SBP’s Foreign Exchange Manual
The SBP has amended the Foreign Exchange Manual, now that foreign digital service providers will be able to send لاکھ 200,000 annually through banks. A list of 62 companies has also been released.
SBP has amended the Foreign Exchange Manual to make it easier to do business in Pakistan. Under the new amendment, payments will be made to 62 foreign companies providing digital services without any hassle.
The SBP has sent a list of 62 foreign companies. Under the new amendment, banks will be able to send لاکھ 200,000 abroad annually to make digital payments. According to the SBP, this amount will be used for foreign digital services.
The central bank hopes that the acquisition of various services from these foreign companies, including advertising, hosting, database, account management, and customer support, will increase the reach of local businesses to overseas customers.