Federal Govt notifies Board of Directors of SBP
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.