Exchange Companies required to conduct biometric verification for all foreign currency sale transactions equivalent to USD500/- and above and outward remittances
The amount of SLR may be kept in current account maintained with SBP as well as invested in unencumbered approved government securities through SBP’s Subsidiary General Ledger Account (SGLA) facility.
“Each month $300 to $400 million dollars are coming into interbank market through exchange companies which have led to the rise in foreign exchange reserves and strengthen the local currency,” he said.
Malik Bostan informed that Pakistan has become the fourth largest in terms of remittance inflows, with India at the top followed by China and the Philippines.