Economy, Business And Markets

Amendments to New FX Policy Introduced

Amendments to New FX Policy IntroducedAmendments to New FX Policy Introduced

New amendments were introduced into Clause V of the government’s new foreign currency policy on imports during a Cabinet meeting held last week. 
Under Clause V, goods imported after the implementation of the new forex policy can receive customs clearance only if importers pay the surcharge on exchange rate difference between the government’s subsidized foreign currency rate (42,000 rials per dollar) at which they registered their import orders before the new policy took effect, i.e. on August 7, and the value of foreign currency presently determined by the Secondary Forex Market. 


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