SBP Authorizes Selling of Dollar via Biometric Verification NADRA
The State Bank of Pakistan (SBP) authorized exchange companies to sell above $500 to persons with biometric identification from National Database and Registration Authority (Nadra) e-Sahulat outlets. The change was made briefly to assist legitimate customers.
Through a circular dated October 7, the central bank urged exchange operators to implement mandatory biometric verification beginning October 22 for all foreign currency sale transactions over $500 and export remittances. The biometric verification requirement, however, could not be implemented due to the unavailability of the system used to interface with Nadra.
The decision was made to reduce dollar outflow, notably to Afghanistan, following a dramatic rise in demand that destabilized the currency rate on the open market due to media allegations of the smuggling of millions of dollars to Kabul, especially after the Taliban gained power.
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The SBP has issued new directives restricting travelers to Afghanistan to carrying little more than $1,000 per visit and $6,000 annually. It updated the Prudential Regulations for Consumer Financing for the purpose of restraining economic demand growth, hence reducing import growth and bolstering the balance of payments.
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