Inland movement of PKR

Only bank accounts will be used, SBP tells ECs The SBP has restricted Exchange Companies from movement of the PKR between the cities through company’s own transportation. According to FE Circular No.05 of 2018, Exchange Companies (ECs) should ensure that only bank accounts are used for movement of PKR between cities. The SBP has also asked for proper documentation of inland currency transportation to further strengthen the Anti-Money Laundering and combating the Financing of Terrorism (AML/CFT) regulatory requirements. It has also directed ECs to develop and implement Standard Operating Procedures (SOPs) for movement of the PKR and Foreign Currencies (FCY), duly approved by their Board of Directors. As per SBP directives, all ECs are required to conduct the exchange business only from such premises as approved by the SBP.