The required biometric verification of dollar buyers has been triggered by the National Database and Registration Authority. Despite the exchange companies’ request for an extension of the deadline for its application owing to various concerns, it has applied this filter immediately.
On 7 October, the central bank made biometric authentication necessary for purchases of $500 or more from the open market in an effort to stem dollar outflow to Afghanistan following a surge in demand that destabilized the open market exchange rate.
According to media accounts, millions of dollars were smuggled into Afghanistan, particularly following the political change. As a result, the State Bank has given exchange businesses until October 22 to biometrically verify currency sales in dollars.
The Chairman of the Exchange Companies Association of Pakistan, Malik Bostan, said in a letter to the State Bank of Pakistan that “we have written a request letter to the State Bank for extending the deadline because the technical solution for biometric is necessary before the application of this restriction.”
The request was turned down, and the National Database and Registration Authority’s (NADRA) biometric system for US Dollar purchases is now live.
