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Biometric verification to be made mandatory for purchase of $500 and above

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11 months ago

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  • SIFC briefed on SBP’s proposed reforms on January 3.
  • FIA to be tasked to launch crackdown against illegal forex operators.
  • Reforms to be made public when SIFC meeting approves them.

ISLAMABAD: In a bid to stop hoarding of the greenback, the State Bank of Pakistan devised a plan under which biometric verification will be made mandatory for anyone purchasing $500 and above from exchange companies, reported The News on Friday.

“The top notches of the central bank informed the meeting of the SIFC (Special Investment Facilitation Council) Apex Committee’s participants on January 3, 2024, that this is part of the comprehensive reforms in the exchange companies sector,” an official at SIFC Secretariat told the publication on the condition of anonymity.

Pakistan faces a dollar crisis as exports and remittances are not up to the mark and major chunks of greenback are utilised to finance the imports. Furthermore, unscrupulous elements take advantage of the situation and hoard US dollars to make windfall profits.

SIFC was also told that the SBP has also reduced the US dollar purchase limit for travel purposes from $10,000 to $5,000 and annual from $60,000 to $30,000.

Any customer purchasing $2000 or above from exchange companies has to pay from their Pak Rupee account.

For an individual, the central bank has fixed the US dollar purchase limit of $10,000 per day and annual purchase of $100,000.

Under the reforms, the Federal Investigation Agency will be tasked to launch an effective crackdown against illegal foreign exchange operators in coordination with the State Bank of Pakistan and relevant stakeholders.

“These reforms will be made public when the next SIFC meeting approves them,” the official said.

Last year, when the dollar crossed the 300 mark the government launched a crackdown against dollar smuggling, hoarding.

The Ministry of Interior had developed a list of the groups involved in the crimes after the identification of facilitators of the government officials and their patrons.

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In interbank trade, the Pakistani rupee beats the US dollar.

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6 days ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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1 week ago

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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Business

The inflation rate in Pakistan dropped to its lowest level.

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1 week ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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