Business Desk 
Nov 18, 2025
Pakistan’s foreign exchange market is undergoing a major shift as the State Bank of Pakistan (SBP) has issued revised regulations for exchange companies to move all foreign currency sales for bank deposits to digital channels.
Under the new rule, foreign currency sold to Pakistani residents for deposit into foreign currency accounts must be transferred from one bank account to another; no physical cash is allowed.
This way, the central bank wants to reduce under-the-counter dollarisation and also firm up anti-money laundering (AML) controls.
A law is already drafted in parliament, while SBP is now working in close coordination with the newly formed Pakistan Virtual Assets Regulatory Authority (PVARA) under the Virtual Assets Ordinance to support crypto rules, digital money systems, and regulated virtual assets.
According to the Exchange Companies Association of Pakistan's Chairman Malik Bostan, the SBP acted because the rising dollar rate in the crypto market was encouraging people to buy dollars from the open market and deposit them in banks for profitable resale in crypto.
He said exchange companies sold around $1 billion to customers in the past year. Bostan supported the decision, saying it will prevent dollar leakage and help stabilise the rupee, though he urged action against illegal websites.
However, not all exchange dealers agree. The owner of one exchange firm said that few Pakistanis have FCY accounts, and therefore, large-scale crypto-linked buying is unlikely. Bostan also added that exchange transactions have dropped sharply in three years, pushing people to the grey market.
He believes the new rule will benefit bank-owned exchange companies, as the SBP has encouraged banks to expand their outlets.
