State Bank eases rules on overseas payments for banking sector
Business
State Bank of Pakistan allows banks to remit payments abroad for directors, chairpersons, Sharia advisors, and scholars, easing procedures and reducing prior approval requirements.
ISLAMABAD — The State Bank of Pakistan has announced a relaxation for the banking sector, allowing easier remittance of payments abroad.
According to a circular, banks can now transfer salaries, fees, and other payments for overseas-based directors, chairpersons, Sharia advisors, and scholars without seeking prior approval from the State Bank’s Foreign Exchange Department.
Under the new facility, authorized dealers can process the transactions once all required documentation is completed, streamlining overseas payments for regulated institutions.
