NADRA verification made mandatory for all foreign currency buyers, sellers

KARACHI: The State Bank of Pakistan (SBP) has introduced a significant new measure from the start of the new year to make the buying and selling of foreign currency across the country more transparent and secure.

The central bank has directed all exchange companies and money changers to verify the identity of every individual buying or selling foreign currency through NADRA’s system.

According to the SBP, the primary objective of this step is to curb illegal transactions in the currency market, prevent benami dealings, and stop potential money laundering attempts.

Officials say the record of foreign currency transactions will now be clearer, more secure, and digitally preserved compared to the past, improving oversight and enabling authorities to promptly detect any suspicious activity.

Banking sector representatives, economists, and legal experts have welcomed the policy, saying that modern digital verification will play a key role in bringing Pakistan’s currency trade in line with global standards.

Web Desk