SBP allows export of permissible forex from Peshawar

The State Bank of Pakistan (SBP) Monday allowed Exchange Companies (ECs) to export permissible foreign currencies from Peshawar. Earlier, ECs were allowed to export permissible foreign currencies from three cities' airports - Karachi Lahore and Rawalpindi - however, on the request of Exchange Companies Association of Pakistan (ECAP), the SBP has granted permission to ECs to export permissible foreign currencies from Peshawar.
With this move, ECs can export permissible forex from four airports including Jinnah International Airport Karachi, Allama Iqbal International Airport Lahore, Benazir International Airport Rawalpindi and Bacha Khan International Airport, Peshawar. A joint booth of SBP-Customs has also been set up at Bacha Khan International Airport to initiate the export of permissible forex.
According to SBP's EPD Circular Letter No 04 issue to all Chief Executives of ECs, in order to facilitate exchange companies to export permissible foreign currencies from Peshawar and adjoining areas, a SBP-Customs joint booth has been established at international departure lounge of Bacha Khan International Airport, Peshawar, which will start operations from March 8, 2016.
The joint booth will operate from Monday to Saturday from 6am to 2pm and will remain closed on Sunday. Sources said each EC desirous of export of foreign currencies (other than US dollar) will be required to report to the SBP booth at least 4 hours prior to the scheduled departure time of a flight through which the export of currency is intended to be made.
Representative of the EC will be required to present a covering letter jointly addressed to Customs and SBP containing particulars of the export transaction and a declaration/certificate containing details of the denomination and amount of foreign currencies at the time of export at the booth, they added. According to SBP, all other instructions for the export of permissible foreign currencies will remain unchanged. Meanwhile, Zafar Paracha, General Secretary ECAP has appreciated the State Bank of Pakistan's step saying that this will promote legal export of foreign currencies.
He said for the last few months, the ECAP was requesting for the permission of foreign currencies' export from Bacha Khan International Airport as Peshawar ECs were facing difficulties in export of foreign currencies and are required to bring exportable foreign currencies at Benazir International Port. Paracha also thanked Finance Minister Ishaq Dar and Ashraf Mehmood Wathra Governor SBP, for allowing export of permissible forex from Peshawar.