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Pakistan's central bank tightens currency movement after in FATF grey-listing

Press Trust of India  |  Islamabad 

Pakistan's central has decided to tighten the movement of foreign and local currency to combat after the country was placed on the grey list by the for failing to curb anti-terror financing, according to a media report.

was placed on the grey list by the global body during its plenary session in last month despite submitting a 26-point action plan and launching a concerted diplomatic effort to avert the decision.

Radio reported that the State of (SBP) issued detailed instructions to all exchange companies to bring the currency movements under strict monitoring of the central

In order to further strengthen the regulatory anti-requirements for documentation and record keeping, it has been decided that while carrying out transactions requiring movement of Pakistani rupee and foreign currency within company's authorised network, each outlet of Exchange Companies will be allocated working capital keeping in view the business needs by the head office of the respective exchange company, the report said.

The movement of rupee within a city and foreign currency across Pakistan will be carried out by the authorised individuals, who have been registered with and authorised by the respective franchiser.

The exchange companies will develop and implement Standard Operating Procedures duly approved by their Board of Directors, according to

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, July 08 2018. 18:05 IST
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