Fed­eral Govt no­ti­fies Board of Direc­tors of SBP

The Pak Banker - - FRONT PAGE -

ISLAMABAD: The Fed­eral Gover­nor has ap­pointed eight Direc­tors on the Board of Direc­tors of the State Bank Pak­istan for a pe­riod of three years with im­me­di­ate ef­fect. Dr. Tariq Has­san, Hafiz Muham­mad Yousaf, Zubyr Soomro, Khawaja Iqbal Has­san, Za­far Ma­sud, Ardeshir Khur­sheed Markar, Mo­ham­mad Riaz and Sar­mad Amin. Mean­while, State Bank of Pak­istan (SBP) al­lows ex­ports to re­tain the ex­port pro­ceeds in­clud­ing ' Ad­vance Pay­ments' in for­eign cur­rency with an Au­tho­rized Dealer in Pak­istan for three work­ing days and to sell the same within this pe­riod to any Au­tho­rized Dealer. The for­eign cur­rency so re­tained shall be kept by the Au­tho­rized Deal­ers in 'Spe­cial Ex­porters' Ac­count' out­side their ' ex­po­sure' lim­its. How­ever, if an ex­porter does not con­clude a trans­ac­tion with an Au­tho­rized Dealer by end of the third work­ing day, the Au­tho­rized Dealer that has re­ceived the ex­port pro­ceeds shall pur­chase the same at the 'buy­ing' rate of weighted av­er­age cus­tomer ex­change rate of that day as avail­able on SBP web­site un­der ad­vice to the con­cerned ex­porter." SBP fur­ther ad­vised Au­tho­rized Deal­ers to bring the above to the no­tice of all their con­stituents and en­sure strict com­pli­ance.

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