Banks can purchase dollars from
open market to settle transactions: Meezan Bank
Meezan Bank Ltd (MEBL) has
announced that banks can purchase dollars from open market to settle their debit/credit
card transactions on international merchants/websites.
The conversion rate on these transactions is
applied according to the prevailing open market rate which may differ from the
rate displayed on the international merchant website.
In November, the State Bank of Pakistan (SBP) said that transactions
through debit/credit cards, not aligned with the profile of the individual,
were intended for commercial purpose.
The central bank has advised the banks to ensure that the use of
debit/ credit cards for international transactions is aligned with the profile
of card holders.
Source: The News