Karachi: In a significant move to boost exports and streamline business operations, the State Bank of Pakistan (SBP) has granted exporters the liberty to freely utilize funds held in their foreign currency accounts without prior approval.
The government’s commitment to enhancing export activities is reflected in this latest development, aiming to provide exporters with liberal access to dollars for various purposes, including marketing.
The SBP, in a circular, announced the liberalization of the utilization of retained funds. “To facilitate exporters and promote ease of doing business, the utilization of the retained funds has been further liberalized,” stated the circular.
Under this revised policy, all exporters now have the freedom to utilize funds in their Exporters’ Special Foreign Currency Accounts (ESFCAs) for making payments abroad of current account nature, catering to various business needs, all without the necessity of prior approval from the SBP.
Moreover, in response to requests from exporters, authorized dealers (banks) are now permitted to issue debit cards against the balances held in ESFCAs, adding another layer of flexibility for exporters in managing their funds.
The SBP has directed banks to communicate these instructions to all their constituents, emphasizing meticulous compliance. This move is expected to alleviate the previous limitations faced by exporters, enabling them to spend their dollars on expanding their businesses abroad without bureaucratic impediments. The measure aligns with the government’s broader strategy to stimulate economic growth through export promotion and business-friendly policies.
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