The State Bank of Pakistan has issued major new guidelines for money changers across the country regarding the buying and selling of foreign currency.
A circular sent to all exchange companies outlines the updated regulatory framework, which would take effect from January 1.
According to the State Bank, foreign currency transactions will now operate under a new system in the New Year. The identity verification of customers buying or selling foreign currency will be carried out through NADRA, and money changers will be required to authenticate customers’ biometrics through the Ministry of Interior’s system.
Money changers must also install high-resolution cameras to capture and verify customer identities. These cameras will be linked directly to NADRA’s system to ensure real-time verification and compliance.
The Exchange Companies Association of Pakistan (ECAP) stated that the biometric verification system would be connected to the Ministry of Interior’s database. ECAP’s General Secretary confirmed that all money changers have been instructed to implement the new rules from January 1 and that the association has already written to NADRA in light of the State Bank’s directives.
