The State Bank of Pakistan (SBP) on Thursday took another step to facilitate the local businesses, which are struggling to get back to normalisation after months of closures triggered by the coronavirus pandemic.
In the latest move, the SBP has allowed local businesses to make instant payments for acquiring services like advertising, hosting, database access, accounting management, skill development and customer support from globally recognised digital service providers without any regulatory approval process.
According to the SBP, a simplified process on ‘payment vs receipt’ basis has been introduced with annual limits. Banks can release foreign exchange up to a maximum of $200,000 per year for each entity, the SBP announced on its website.