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.