ISLAMABAD The State Bank of Pakistan came up with a plan that would require biometric authentication for anyone buying $500 or more from exchange companies in an effort to discourage hoarding of the currency, as The News reported on Friday.
Under the condition of anonymity, a SIFC Secretariat official told the publication, “The top notches of the central bank informed the meeting of the SIFC (Special Investment Facilitation Council) Apex Committee’s participants on January 3, 2024, that this is part of the comprehensive reforms in the exchange companies sector.”
Pakistan is experiencing a dollar problem as a result of inadequate export and remittance revenue and significant US dollar financing of imports.
When the dollar hit 300 last year, the authorities started to crack down on hoarding and smuggling dollars.
Following the identification of the individuals who facilitated the involvement of government officials and their supporters, the Ministry of Interior created a list of the organizations engaged in the crimes.
