Central Bank Proposes Mandatory Biometric Verification for Transactions Exceeding $500

Karachi: State Bank of Pakistan (SBP) Takes Action Against Currency Hoarding, Mandates Biometric Verification for Purchases Above $500

In a recent development, the SBP presented a plan during a meeting with the Special Investment Facilitation Council (SIFC) Apex Committee, aiming to implement biometric verification for transactions exceeding $500 in exchange companies. This move is part of broader reforms to address foreign currency hoarding.

The South Asian country faces shortage of dollars due to unsatisfactory exports and remittance. It has to pay a major chunk of dollars to clear import bills.

The SBP officials told the SIFC that it has reduced the US dollar purchase limit for people travelling from $10,000 to $5,000 and annual from $60,000 to $30,000.

“Any customer purchasing $2000 or above from exchange companies has to pay from their Pak Rupee account.

:For an individual, the central bank has fixed the US dollar purchase limit of $10,000 per day and annual purchase of $100,000,” Geo News reported.

Currently, the US dollar is being traded below Rs300 as the government launched a massive crackdown against dollar smuggling and hoarding after it crossed Rs300 mark in interbank and open markets.

Also Read:

• Bridging the Evidence Gap for Children and Adolescents’ Health
• Meeting Of Caretaker Prime Minister With Group Chairman Of DP World
• Job Cuts at YouTube:100 Employees Affected by Layoffs