The State Bank of Pakistan (SBP) has introduced major new regulations for exchange companies, tightening oversight of foreign currency transactions across the country. The updated framework, issued through an official circular, will come into effect on January 1.
Under the new rules, all customers buying or selling foreign currency will undergo identity verification through NADRA. Money changers will be required to authenticate each customer’s biometrics using the Ministry of Interior’s system, ensuring real-time verification.
The SBP has also directed exchange companies to install high-resolution cameras to capture clear images of customers during transactions. These cameras must be linked directly to NADRA’s system to strengthen monitoring and prevent misuse of foreign exchange services.
According to the Exchange Companies Association of Pakistan (ECAP), the biometric system will operate through the Ministry of Interior’s database. ECAP’s General Secretary confirmed that all exchange companies have been instructed to comply with the new regulations starting January 1. He added that the association has already written to NADRA to coordinate the implementation process.
The new measures aim to curb illegal currency trading, enhance transparency, and ensure stronger documentation within Pakistan’s foreign exchange market.
