Biometric Proof Needed for Buying $500 or Above Directed by the State Bank of Pakistan (SBP).
Dollar Drought? Pakistan Cracks Down on Hoarding with Biometric Checkpoints!
Worried about vanishing greenbacks? Pakistan’s central bank is taking aim at US dollar hoarding with new rules that make big bills come with fingerprints!
Read More: SBP Names Banks Responsible for Increase in US Dollar Rates
What’s changing?
- Biometric Barriers: Buying $500 or more? Get ready to scan your finger. This measure targets black market profiteers and illegal currency exchanges.
- Travel Tweaks: Need dollars for your trip? Your limit just shrunk from $10,000 to $5,000 per purchase, and $60,000 to $30,000 annually.
- Rupee Reliance: Big US dollar purchases ($2,000 and above) must originate from your Pakistani rupee account, making the trail harder to hide.
- Daily Dose: Feeling flush? You can snag up to $10,000 per day and $100,000 per year in greenbacks, but no more.
- Feds on Patrol: Get ready for joint operations between the central bank and the Federal Investigation Agency to nab currency crooks.
Why the crackdown?
Pakistan’s facing a dollar shortage, fueled by low exports and remittances. This, coupled with dollar hoarding, drives up the price and hurts the economy. These new rules aim to bring transparency and stability to the currency market.
So, what does this mean for you?
If you’re a casual traveler or occasional dollar buyer, these changes might just be a minor blip. But for large transactions or suspected shady dealings, expect extra scrutiny.
What’s next?
Whether these measures will quench Pakistan’s dollar thirst remains to be seen. But one thing’s for sure: the days of buying big bucks anonymously are numbered!
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