Foreign Currency Account

The Bank is authorized to open Foreign Currency Accounts of Customers without prior approval of SBP. All the Foreign Currency Accounts are governed by the SBP’s Foreign Exchange Regulations issued from time to time.

Foreign Currency Deposit Schemes

Currently, the Bank is authorized to open Foreign Currency Accounts of the Customers under the various schemes introduced by SBP from time to time. These schemes are as follows:

  • Foreign Currency Accounts under FE-25 scheme
  • Special Foreign Currency Accounts

Eligible Customer:

  • Pakistani Nationals resident in or outside Pakistan, including those having a dual nationality.
  • All Foreign Nationals, whether residing abroad or in Pakistan.
  • Joint Account in the names of Residents and Non-Residents.
  • All Diplomatic Missions accredited to Pakistan, and their Diplomatic Officers.
  • All International Organizations in Pakistan.
  • Firms and Companies established/incorporated and functioning in Pakistan, including those having Foreign Share-Holdings.
  • Charitable Trusts, Foundations etc. which are exempted from Income Tax.
  • Branches of Foreign Firms and Companies in Pakistan.
  • Non-Resident Exchange Companies even if owned by a Bank or Financial Institution.
  • All Foreign Firms/Corporations, other than Banks and Financial Institutions incorporated and operating abroad provided these are owned by persons who are eligible to open Foreign Currency Accounts.

Non-Eligible Customer:

  • Airline Companies.
  • Shipping Companies operating in/through Pakistan or collecting passage and freight in Pakistan.
  • Investment Banks.
  • Leasing Companies.
  • Modaraba Companies.
  • Other companies which have been granted Licenses to deal in Foreign Exchange.

Special Foreign Currency Account:

  • Special Foreign Currency Accounts are opened by the Bank after soliciting prior approval from the Head Office. Following are the types of Special Foreign Currency Account which have not been classified under any scheme and are opened under specific approval from SBP:
  • Foreign Currency Account of Private Power Projects
  • The Bank may open the Special Foreign Currency Accounts/Off-shore Foreign Currency Accounts of Private Power Projects in Pakistan as per the Implementation Agreements (IAs) entered into with Private Power and Infrastructure Board (PPIB) and Government of Pakistan.
  • Foreign Currency Account of Foreign Oil/Mineral Exploration Companies and Foreign Contractors and their Foreign Sub-contractors
  • The Bank may open the account of Foreign Oil/Mineral Exploration Companies and Foreign Contractors and their Foreign Sub-contractors under FE-25 or Special Foreign Currency Accounts subject to the condition that they will meet all their expenditure in Pakistan in Pak Rupees only.

Deposits and Withdrawals Deposits:

  • Deposits are to be accepted from the Customers in the shape of Foreign Currency Notes of the same currency in which the account is opened or other acceptable Foreign Currency Notes at the prevailing exchange conversion rate. However, this facility is only available for Individual Account Holders who are not engaged in any business.
  • The branch personnel must ensure that no Pak Rupee should be accepted from the Customer for depositing it into the Foreign Currency Account.
  • In case of any deposit of Foreign Currency Notes of more than USD 10,000 (or equivalent in other currencies) in a single day, the Account Holder shall be required to present the original receipt of acquisition. Branches are required to keep on record the copy of such receipt which may be checked by SBP Inspectors during the branch audits and their routine visits.


There is no restriction or limit for drawing available balances either in Foreign Currency Notes or equivalent Pak Rupees from Foreign Currency Accounts under FE-25 scheme.

Payment of Interest:

  • Rate of Interest on various types of Deposits varies according to the period of deposits
  • Rates of Interest are determined and declared by Treasury/ Finance Division. (Operations on Foreign Currency Accounts under FE-12 Scheme)
  • Prior to May 29, 1998, the Accounts were opened and operated under FE-12 scheme introduced through FE Circular No. 12 dated January 29, 1973. All the accounts opened under the said scheme were marked Frozen in compliance with FE Circular 12 dated May 29, 1998 and balances Frozen in the Accounts were allowed to be withdrawn in PKR only.
  • Operations under the accounts maintained by the following Customers are not subject to the above mentioned restriction:
  • Diplomatic Missions accredited to Pakistan;
  • Non-Resident Employees of Diplomatic Missions accredited to Pakistan;
  • All International Organizations in Pakistan viz. International Monetary Fund (IMF), International Bank for Reconstruction and Development (IBRD) and Asian Development Bank (ADB);
  • Non-Resident Employees of IMF, IBRD and ADB;
  • Firms/Companies in Pakistan allowed opening Special Foreign Currency Account for receiving Foreign Equity and Foreign Currency Loans for the purpose of Import of Plant and Machinery;


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