is not that clear to ordinary account holders. Growth of foreign currency accounts of resident Pakistanis is important for banks as they draw upon them for financing external trade, maintaining cash reserves with the SBP against forex holding and for short-term lending and borrowing in foreign currency in the interbank market. It is possible to lose all your capital. In the past, the no-question-asked status of foreign currency accounts and ability of influential people to buy foreign exchange freely from the open currency market has resulted in substantial capital flight. Bankers and executives of forex companies admit that with the changes now introduced in the law there is little or no room available for such capital flight and money laundering all in the name of lawful transactions. If addressing complaints regarding operations of these accounts remains problematic even after clarification from SBP and FBR, then the government of the day can use this provision to ease the situation, senior bankers reassure. Bankers are confident that stricter measures currently undertaken to check possible misuse of these accounts for money laundering and capital flight, the volume of these accounts as such will not shrink much. This is what central bankers say but they dont comment on specifics of any recent instruction issued to banks after the introduction of amendments in forex laws via Finance Bill 2018. As a regulator, the SBP makes sure that after any amendment made into law, the latest version of a particular clause or section of that law is communicated to banks, requiring them to implement the same. So when this requirement came to the knowledge of people after the approval of the amendments in Finance Bill 2018, many of them were got confused. And that in itself is a noble and a practical objective; noble for its inherent benefit to the overall economy and practical because we need transparent forex management to avoid threats of being put on the watch list of global anti-money laundering watchdogs like fatf.
But lack of clarity will soon be over, they insist. Here you can find a list of global reliable Forex brokers online for pakistani traders living abroad, some brokers offer service in Urdu. Accordingly, the Finance Bill 2018 actually made a certain amendment in the relevant foreign currency laws to that effect. And, they have shut the doors on feeding of these accounts through foreign exchange purchased from the open currency market. Published in Dawn, The Business and Finance Weekly, May 28th, 2018. In the recent past, a number of wealthy Pakistanis managed to take out a few billion dollars from the country to invest the same einfache forex Strategie in Dubais overheated real estate market. Risk Warning: Your capital is at risk.
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