The SBP stated that this was being done to ensure the prompt realisation of export revenues as defined in Paragraph 6 of Chapter 12 of the FE Manual in a circular sent by the central bank to Authorized Dealers (ADs) in foreign exchange.
Delayed Realization of Export Proceeds, Section 33A :
When export revenues are converted into PKR after being realised in full or in part after the time period required (as described in Paragraph 6 of this Chapter), the AD must undertake the following procedure:
The AD must compare the weighted average buying rate (also known as Rate-A) announced by SBP on the date of realisation to the same rate published by SBP on the last day of the stipulated term, after adding any applicable grace periods (i.e. Rate B).
If Rate-A is higher than Rate-B, the AD must convert the export revenues at Rate-A, pay the exporter the export proceeds at Rate-B, and hold the difference in an account they have set up specifically for that reason.
The Head/Principal Offices of the Authorized Dealers shall send a consolidated statement about all such disparities gathered by the AD to the Director, Foreign Exchange Operations Department (FEOD), SBP-BSC on a weekly basis in accordance with the stipulated format (Appendix V-20A).
Regarding the delay in realising export proceeds, FEOD, SBP-BSC must make a complaint to the Foreign Exchange Adjudication Department (FEAD).
As determined in (a) above, AD shall either deposit the specified difference with SBP or reimburse it to the exporter, as determined by FEAD.
When export bills or export receivables are discounted by the exporter to the AD, the aforementioned instructions won’t be applicable.