The State Bank of Pakistan (SBP) allowed authorized dealers to purchase dollars from the interbank market. The announcement was made to settle card-based cross-border transactions using International Payment Schemes (IPS). In a notification, the central bank stated, “In view of representations received from stakeholders, it has been decided to allow authorized dealers to purchase USD from interbank for settlement of card-based cross-border transactions with IPS [such as Visa, Mastercard, etc].”
