KARACHI: State Bank of Pakistan (SBP) on Thursday amended Foreign Exchange Manual and allowed general permission to banks to release foreign exchange up to a maximum of USD 200,000/-, or equivalent in other currencies, per year.

The amendment was made for each company/ firm/ sole proprietorship incorporated/ established in Pakistan on account of commercial payments, pertaining to digital services, in favor of digital service provider companies.

The central bank issued a new mechanism for payments to globally recognized digital service provider companies against acquisition of digital services by local companies for ease of doing business in the country.