SBP Allows Non-Residents to Open Foreign Currency, Rupee Accounts

The State Bank of Pakistan (SBP) has expanded the eligibility criteria for opening and maintaining key banking accounts, aiming to attract greater foreign investment into the country.

In a fresh directive issued to Authorized Dealers (ADs), the central bank announced that all individuals and entities classified as non-residents under the Income Tax Ordinance, 2001 will now be allowed to open and operate a wider range of accounts in Pakistan.

The revised policy broadens access to Foreign Currency Value Accounts (FCVA), Non-Resident Pakistani Rupee Value Accounts (NRVA), Foreign Currency Business Value Accounts (FCBVA), and Non-Resident Rupee Business Value Accounts (NRBVA).

Previously, these accounts were subject to more restrictive eligibility conditions. With the latest move, both natural persons and legal entities falling under the non-resident category can now avail these facilities through banks operating as Authorized Dealers.

The SBP stated that the changes have been introduced to facilitate foreign inflows and improve the ease of doing business for overseas investors.

Relevant provisions in Chapter 6 and Chapter 8 of the Foreign Exchange Manual have been amended accordingly. Banks have also been directed to ensure strict compliance with all applicable regulatory frameworks, including anti-money laundering and counter-terror financing requirements.

Authorized Dealers have been instructed to disseminate the updated guidelines among their clients and ensure full adherence to the revised rules.