SBP Mandates Biometric Verification for $500+ Forex Purchases

The State Bank of Pakistan (SBP) has introduced a new measure to combat dollar hoarding by making biometric verification mandatory for foreign currency purchases exceeding $500 at exchange companies. This announcement was made during a meeting of the SIFC Apec Committee on January 3, 2024, according to reports.

In addition to the biometric requirement, the SBP has lowered the US dollar purchase limit for travel purposes from $10,000 to $5,000, and the annual restriction from $60,000 to $30,000. Individuals making purchases of $2,000 or more from exchange companies must use their PKR account for the transaction.

The central bank has set a daily limit of $10,000 for US dollar purchases and an annual cap of $100,000. To curb illegal foreign exchange operations, the Federal Investigation Agency will collaborate with the SBP and other relevant authorities.

It is noteworthy that the SBP had initially attempted to implement a similar plan in 2021, requiring biometric verification for all transactions of $500 and above. The circular issued on October 6, 2021, mandated exchange companies to conduct biometric verification for such transactions amid the PKR/$ interbank rate trading in the 170-172 range.

Hot this week

Mobilink Bank Opens Maahir Business Trainee Program for Female Officers Across Pakistan to Build Banking Careers

Mobilink Bank is inviting female graduates and early-career professionals nationwide to apply for its Maahir Business Trainee Program.

Pakistan Approves Four Independent Directors For Strategic Digital Wallet Company Managing Sovereign Virtual Assets

Pakistan has approved four independent directors for the Strategic Digital Wallet Company, established to manage and safeguard the country’s sovereign virtual assets.

AssanPay Merchant App Helps Pakistani Businesses Collect QR Payments, Track Transactions And Manage Team Access

AssanPay is promoting its Merchant App, which enables Pakistani businesses to collect payments through QR codes and links, monitor transactions and manage team access.

Meezan Bank Secures Fifth Position in Best Corporate Report Awards 2025 for Banking Sector Reporting Excellence

Meezan Bank received fifth place in the Banks category at the BCSRA 2025 awards, recognising its corporate reporting and governance practices.

Faysal Bank Organizes Financial Literacy And Account Opening Session In Bhutta Village Keamari Karachi

Faysal Bank will hold a financial literacy and account opening session in Bhutta Village, Keamari, on October 27 under an SBP initiative. Faysal Bank will hold a financial literacy and account opening session in Bhutta Village, Keamari, on October 27 under an SBP initiative.

Topics

Mobilink Bank Opens Maahir Business Trainee Program for Female Officers Across Pakistan to Build Banking Careers

Mobilink Bank is inviting female graduates and early-career professionals nationwide to apply for its Maahir Business Trainee Program.

Pakistan Approves Four Independent Directors For Strategic Digital Wallet Company Managing Sovereign Virtual Assets

Pakistan has approved four independent directors for the Strategic Digital Wallet Company, established to manage and safeguard the country’s sovereign virtual assets.

AssanPay Merchant App Helps Pakistani Businesses Collect QR Payments, Track Transactions And Manage Team Access

AssanPay is promoting its Merchant App, which enables Pakistani businesses to collect payments through QR codes and links, monitor transactions and manage team access.

Meezan Bank Secures Fifth Position in Best Corporate Report Awards 2025 for Banking Sector Reporting Excellence

Meezan Bank received fifth place in the Banks category at the BCSRA 2025 awards, recognising its corporate reporting and governance practices.

Faysal Bank Organizes Financial Literacy And Account Opening Session In Bhutta Village Keamari Karachi

Faysal Bank will hold a financial literacy and account opening session in Bhutta Village, Keamari, on October 27 under an SBP initiative. Faysal Bank will hold a financial literacy and account opening session in Bhutta Village, Keamari, on October 27 under an SBP initiative.

CDC And EClear Expand Raast Payments And Investor Verification Services Across Pakistan Capital Market

CDC and EClear Services are expanding Raast payment options with merchant payments, dynamic QR codes, IBAN-CNIC validation and automated broker payment collection.

Raqami Islamic Digital Bank Partners With NIC Karachi To Improve Startup Financial Readiness And Digital Banking Awareness

Raqami Islamic Digital Bank has signed an MoU with NIC Karachi to help startups understand digital banking, improve financial readiness and prepare for business growth.

JS Bank Wins Customer Experience Innovation Award for Connected Digital Banking Services Across Pakistan

JS Bank has received the Customer Experience Innovation of the Year award for its connected digital ecosystem, including JS Mobile App, JS Bot and Zindigi.
spot_img

Related Articles

Popular Categories