Foreign Currency

Standardized rates

There are two broad categories of foreign currency accounts in Pakistan. The latest category of forex accounts are digital foreign currency accounts, introduced around the beginning of the current decade. The former category of foreign currency accounts were introduced decades prior and are still active. Both these categories of forex accounts are mainly for overseas Pakistanis workers and facilitating remittances and they allow overseas Pakistanis to remit outside Pakistan any amount or balance out of their inward remittances from these accounts as well.

However, there is a serious disparity between the interest rates on these on these two categories of forex accounts. The newer, digital accounts tend to offer much higher returns. This is a very discriminatory policy and ought to be reviewed. I believe the rates ought to be standardized and would encourage the finance ministry to move towards this goal.

FCA Ejaz Ahmad Magoon



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