The government of Pakistan has announced major reforms to remove barriers in currency exchange for import and export. Banks can now operate freely in foreign currency matters, making trade easier.
Federal Minister for Investment, Qaiser Ahmed Sheikh, said reforms have been introduced in key institutions, including the State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP), and the Board of Investment. He added that these changes should have been implemented decades ago, calling it a long-overdue move for investors.
Previously, banks in Pakistan had to obtain multiple approvals from the SBP before conducting import or export transactions. This process created delays and limited efficiency in trade operations. Sheikh said unnecessary rules in both the SBP and SECP have been removed this week, allowing smoother operations for financial institutions.
The government has also secured parliamentary approval for the Easy Business Act. This legislation aims to simplify business processes and encourage both local and international investors to operate in Pakistan more efficiently.
In the next phase of reforms, the government plans to remove barriers in the Federal Board of Revenue (FBR). Sheikh explained that these changes will help businessmen by reducing red tape and bureaucratic delays, making it easier to conduct trade and investment activities.
Experts believe that easing currency exchange rules will strengthen Pakistan’s economy. They say it will improve investor confidence, increase trade, and attract foreign direct investment. By allowing banks and businesses to operate more freely, the government hopes to support growth in multiple sectors, including import, export, and financial services.
These reforms are part of a broader strategy to make Pakistan more business-friendly and competitive globally. Officials have emphasized that reducing unnecessary regulations and simplifying procedures is essential to boost economic activity and attract investment.
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The government of Pakistan continues to take steps to improve the business climate, signaling a more open and investor-friendly environment for the years ahead.
