Obsolete Foreign Exchange Manual of Pakistan

Obsolete Foreign Exchange Manual of Pakistan

Obsolete Foreign Exchange Manual of Pakistan

foreign exchange manual

A foreign exchange manual is a document that shows the procedures of trading and how it is done on the foreign exchange market. This is a manual that has been drafted by traders who are adept in the field of foreign exchange and is updated regularly so that it remains current with the latest information on foreign currency trading. It has been proved to be of great help to all those who are in the trading business.

 

For people who trade foreign currencies, the foreign exchange manual is the best guide. This is because the manual gives you tips on buying and selling foreign currency accounts. It explains the role of the currency exchange in the whole economy of a country. It discusses various factors affecting the rate of exchange. It also discusses the fluctuating economic conditions in different foreign countries.

 

According to the foreign exchange manual, if you are going to open a new foreign currency account, then you should first deposit a fixed sum of money in your bank account. Then you should open a forex trading account in a reputed financial institution like HSBC, PAMP, ING, etc. Foreign currencies can be traded in three principal pairs – the GBP/USD, the USD/JPY, and the AUD/USD. In Pakistan, the exchange rate is based on the USD at the time of closing.

 

After you have deposited the sum in your bank account, you need to get the approval of the concerned authorities at the time of opening a foreign exchange manual. There are two types of foreign currency accounts – the bearer instrument and the nonbearer instrument. The bearer instrument includes paper certificates, banknotes, and drafts. On the other hand, nonbearer instruments include treasury bills, coins, foreign currency certificates, stocks, bonds, mutual funds and securities of the government, etc.

 

According to the latest released foreign exchange manual of Pakistan, only the authorized dealers in the country are allowed to trade in the forex market. The authorized dealers are the banks and brokers. If you want to trade in the market, then you need to seek the approval of the concerned authority. The market is open for twenty-four hours; seven days a week except for Sunday when it is closed.

 

The foreign exchange manual further states that the banks can only deal in cash or in bearer shares and the brokers can deal in stocks, bonds, securities, and mutual funds. If you wish to purchase anything else, then you need to get the approval of the concerned authority. There are many brokers available in the market who provide the services at a reasonable rate. You can get in touch with these brokers through the online help system or over the phone.

 

The foreign exchange market is also open to the public through the accredited banks who have obtained the approval of the government. According to the latest released copy of the national currency manual, authorized dealers in Pakistan are only the banks and the authorized digital service provider companies. There are no restrictions whatsoever on the amount of money that you can transfer to Pakistan from abroad. According to the law, the person cannot take money out of the country using foreign exchange software unless there is a case to do so.

 

The foreign exchange manual clearly mentions that the money cannot be transferred to someone in Pakistan using the services of the banks. It also shows that the banks are the only entity that can process the debit/credit card transactions in the country. According to the latest released copy of the national currency manual, the electronic payment option is not permitted in the country. Therefore, it is clear that you cannot use the electronic banking facilities for your transactions while trading in the country.

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