SBP modernises forex rules
Nearly 87% of foreign loans were for budget financing and building foreign exchange reserves, which meant that these had not been utilised for creating assets. PHOTO: FILE
KARACHI:
In a bid to facilitate startups, fintechs and exports, the State Bank of Pakistan (SBP) has notified revisions in Chapter 20 of the Foreign Exchange Manual.
“The new policy for equity investment abroad will attract foreign direct investment through the establishment of holding companies by Pakistani fintechs and startups, support exports by facilitating exporters to establish subsidiaries or branch offices outside Pakistan and allow resident Pakistanis to acquire sweat equity, amongst other changes to the foreign exchange regulations,” the SBP said in a statement.
State Bank of Pakistan modernizes foreign exchange regulations to facilitate start-ups, fintechs and exports
Karachi, February 10, 2021 (PPI-OT): State Bank of Pakistan (SBP) has notified revisions in chapter 20 of the Foreign Exchange Manual to facilitate Start-ups, Fintechs and Exports. The new policy for equity investment abroad will attract foreign direct investment through the establishment of holding companies by Pakistani fintechs and startups; support exports by facilitating exporters to establish subsidiaries or branch offices outside Pakistan; and, allow resident Pakistanis to acquire sweat equity, amongst other changes to the Foreign Exchange (FX) regulations.
Further changes in the foreign exchange regulations will facilitate portfolio investment in the country including mutual funds, Exchange Traded Funds (ETF) and Real Estate Investment Trust (REIT) Funds through Pak rupee based Roshan Digital Account (RDA) and Special Convertible Rupee Account (SCRA). SBP, after appr
Rupee expected to stay stable against US dollar: report
By
A dealer counting Pakistani currency. File photo
The rupee gained 14 paisas to close the week at 160.14 against the dollar during the outgoing week
The flow of remittances surged 26.9% to $11.7 billion in the first five months
The rupee is expected to hover at a support level of 160 in the interbank market next week
KARACHI: The Pakistani rupee is expected to stay stable against the US dollar in the coming week as appetite for the hard currency remains mostly subdued among importers, according to a
The News report.
The currency dealers told the publication that inflows from the remittances and the Roshan Digital Account could also support the local unit against the greenback.
Rupee may stay intact
December 13, 2020
KARACHI: The rupee is seen trading little changed in the coming week, as appetite for hard currency remains mostly subdued among importers, while inflows from remittances and Roshan Digital Account could also support the local unit, traders said.
The rupee is expected to hover at a support level of 160 in the interbank market next week, according to traders.
“Dollar demand has been outstripped by inflows and the trend is likely to continue in the sessions ahead,” a foreign exchange trader at a commercial bank said.
Remittances flows surged 26.9 percent to $11.7 billion in the first five months of the current fiscal year.