Pakistan

Pakistan's central bank tightens currency movement

Jul 9, 2018
The State Bank of Pakistan (SBP) has taken stringent measures to tighten currency movement within the country amid depreciation of the national currency following the grey-listing of Pakistan by the Financial Action Task Force (FATF).
 
The central bank issued a detailed set of instructions on Saturday to all the money exchange companies, instructing them to help the bank keep a strict vigilance over currency movements, reports Xinhua news agency.
 
According to the instructions, the money exchange companies will have to properly document and record the purpose of the currency movement after necessary authorization in its system on real time basis by its head office.
 
The central bank has also decided to allocate working capital to each outlet of the exchange companies for carrying out transactions, keeping in view the business needs of the head office of the respective exchange company. 
 
This would help the State Bank to keep a check on the movement of the Pakistani rupee and foreign currencies within the company's authorised network.
 
Pakistan was placed on the grey-list on June 28 by by the FATF, an inter-governmental body which combats money laundering and terror financing among other things, for failing to curb terror financing on its soil.
 
The decision to put Pakistan on the "grey list" was taken in February but then the country was given relief till June to combat the issue.
 
Pakistan had been included in the list from 2012 to 2015.

Leave a Reply

Your email address will not be published. Required fields are marked *

Nuclear energy is vital to meet climate-change challenge, says India

India has declared that nuclear energy is vital for meeting the challenge of climate change and suggested supporting efforts to promote its public acceptance amid growing opposition to nuclear power and plans by some countries to phase out their atomic generation plants.  

Read more...

Bhutan slips on Ease of Business; foreign workers blocked

As Bhutan’s ranking on ease of doing business slipped eight places to 81, foreign workers from four professions will not qualify to get work permits in Bhutan starting this month, accordin...

Read more...
Tweets about SAMonitor
SAM Facebook
SiteLock