SBP Launches Foreign Currency Value Account
SBP has decided to introduce a separate category of foreign currency account named as Foreign Currency Business Value Account (FCBVA). FCBVA will facilitate the business entities incorporated abroad with a majority shareholding of non-resident Pakistanis. These entities could be Companies, Associations, Foundations, Limited liability partnerships (LLPs), Societies, Trusts, Waqfs and other similar legal arrangements.
Non-residents and non-resident Pakistan Origin Card holders can open foreign currency bank accounts (FCBVA) in Pakistan. Authorized Dealers (ADs) could open FCBVA of legal entities incorporated or registered abroad. ADs may also issue chequebooks if required by the authorized account operators.
Ads would also be required to provide online real-time convertibility from Foreign Currency to PKR based on the request made by the authorized account operator electronically for the eligible debits from the account. For the sake of transparency, the ADs shall indicate the exchange rate applicable to the transaction.