| GEO Business|
| Central Bank outlaws foreign exchange sale crossing $50,000|
| Updated at: 0035 PST, Wednesday, July 09, 2008|
KARACHI: State Bank of Pakistan has banned the forward booking of U.S. dollar to support the slipping value of Rupees.
Besides, the payments in exchange of oil would be made through central bank.
Also, State Bank confines the exchange companies to sale foreign exchange over $50,000 without a prior permission.
The central bank spokesman Syed Waseem-ud-Din told Geo News that State Bank has amended its canons concerning foreign exchange and banned forward booking of dollar for all genres of import.
The advance limit for import has been reduced from 50% to 25%.