State Bank reduces foreign currency limit for travelers to $5,000 for adults

foreign currency

The maximum amount of foreign currency that may be carried in cash for travel expenses has been decreased annually and on each visit by the State Bank of Pakistan (SBP). 

The amended limits state that those above the age of 18 (adults) are now allowed to transfer foreign currency (FCY) worth $5,000 every visit, while individuals who are younger than of 18 (minors) are only allowed to export FCY worth $2,500 per visit. 

Additionally, the maximum yearly FCY withdrawal for adults and adolescents will be $30,000 and $15,000, respectively. 

The limit per person and per visit is effective right away. Starting in 2023, the yearly restrictions will apply to a single calendar year. However, the current yearly restrictions will remain in force through December 31, 2022, for the calendar year 2022. 

Any individual taking foreign currency out of Pakistan must declare it to customs upon leaving the country. 

Read more: State Bank maintains status quo, keeps key interest rate unchanged at 15%

Previous Limits 

Previously, the SBP gave everyone the go-ahead to transport US dollars or their equivalent in other foreign currencies, subject to the following restrictions: 

A minor (defined as a person under the age of five) was given a $1,000 per visit or $6,000 yearly cap. 

A child (5 to 18 years old) was only permitted to spend $5,000 per visit or $30,000 per year. 

Adults (those over the age of 18) were only permitted a maximum of $10,000 per visit or $60,000 per year. 

The SBP made an exemption, stating that NGOs, the UN, and other donor agencies would be permitted to withdraw foreign currency without restriction from their accounts and send it to Afghanistan up to the amount of such remittances. 

Authorized dealers would give certificates to these entities in duplicate, with one copy being submitted to Customs and the other being held by the relevant NGO/agency. However, customs would mark the second certificate with the words “Amount allowed to be taken out,”. 

Authorized dealers will keep a record of all such transactions for SBP examination. 

Additionally, a person carrying more foreign currency than this without disclosing its source may be prosecuted in accordance with current legislation, including anti-money laundering regulations. 

It is the responsibility of the person carrying such an amount of foreign currency within Pakistan to confirm that the foreign currency notes were obtained from reputable sources and that the funds used to purchase such currency were lawful. 

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