Wednesday, November 30, 2022

SBP eases SRL requirement for exchange companies

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KARACHI: The State Bank of Pakistan (SBP) on Thursday eased the Statutory Liquidity Reserve (SLR) requirement for exchange companies from 25 per cent to 15 per cent of their capital.

“The enhanced liquidity will enable exchange companies to further channelise home remittances and foreign exchange,” said SBP in a press release.

“During the year ended June 2020 Exchange Companies, through their tie-up arrangements abroad, have channelized home remittances of USD 1.44 billion, while this figure stands at USD 1.67 billion for ten months of the current year (FY 20-21),” the SBP informed.

Read More: Governor SBP calls on PM Imran Khan

The SBP said that this regulatory intervention of State Bank would provide increased liquidity to exchange companies to enable them to play their role in increasing the remittances flow and the public will be further facilitated in timely and conveniently receiving home remittances from more than 1,200 outlets of Exchange Companies across Pakistan.

The central bank in a statement informed presently out of 27 exchange companies of ‘A’ category, 18 exchange companies are providing home remittances services.

Earlier in the day, Governor State Bank of Pakistan (SBP) Reza Baqir Baqir on Thursday called on Prime Minister (PM) Imran Khan.

The meeting discussed the country’s overall economic conditions and Roshan Digital Accounts scheme. Governor State Bank Reza Baqir apprised the Prime Minister that overseas Pakistanis in Saudi Arabia are using the Digital Accounts and there has been an increase in the number of users after his recent [PM] visit to Saudi Arabia.

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