The State Bank of Pakistan and currency exchange
The State Bank of Pakistan is the country’s central bank. For anyone changing money it matters twice over: SBP publishes the interbank dollar figures the whole market is quoted against, and it licenses and supervises every exchange company you are legally allowed to walk into.
What SBP publishes
On each business day SBP publishes three USD/PKR figures — the M2M revaluation rate, and the weighted-average bid and offer at which interbank trades cleared. These are wholesale numbers for trades between banks in size, and no individual transacts at them. The most recent one recorded here is 277.2522, as on 18 Sept 2026.
They are still the right benchmark to hold a counter's quote against. The open market selling rate today is 279.00, which is 1.75 rupees away from SBP's published figure — that gap is the retail cost of physical cash. The daily series, with the gap against the open market, is on the SBP interbank rate page.
What a licence means
Exchange companies operate under a licence from SBP and are supervised under the Foreign Exchange Regulation Act and SBP’s Exchange Companies Manual. The licence is not a formality. It obliges a company to verify identity, to issue a receipt, to keep records, and to observe the limits below — and it gives you somewhere to go when something goes wrong.
The practical consequence: ask for the licence number of the branch you are standing in, not the company. SBP licenses head offices and authorises individual branches, and an unlisted branch operating under a licensed company’s name is a far more common problem than an entirely fictitious company.
What you are required to bring
These are regulatory requirements rather than any company’s house rules, which is why no counter can waive them however well you know them:
- Your original CNIC, NICOP or POC — always, for any amount.
- Biometric verification for Pakistani nationals from USD 500 upwards.
- For travel: passport, visa where applicable, and a confirmed ticket, with supporting documents required from USD 1,000 upwards.
- A receipt, which a licensed company must issue. Take it. Without it you have no complaint to make later.
Carrying limits out of Pakistan are also set by SBP and vary by age and destination. They change, so check the current figure with SBP or your exchange company before you travel rather than relying on any published summary, this one included.
What SBP does not do
SBP does not set the rate you are quoted. It publishes interbank figures and supervises the sector; the price at a counter is that company’s own, shaped by what it holds, what it paid, and what the amount and the demand that day are worth to it. The industry association, ECAP, circulates indicative open market rates to members as guidance, not as a price control — which is why two licensed branches on the same street quote differently. How open market pricing actually works goes through that in full.
SBP also does not guarantee a transaction. A licence tells you a company is supervised and accountable; it is not a promise of a good rate, and comparing three counters is still the only way to find one.
If something goes wrong
Raise it with the company first, with the receipt. If that gets nowhere, SBP’s Consumer Protection Department takes complaints about the institutions it regulates — file one on SBP’s complaint portal opens in a new tab.
What makes a complaint actionable is ordinary and boring: the branch name, its licence number, the date, the amount, and the rate you were given. Collect those at the counter, not afterwards — a complaint without them is a story, and a receipt makes it a record.
Common questions about SBP and exchange companies
Who regulates currency exchange companies in Pakistan?
The State Bank of Pakistan. Exchange companies operate under a licence issued by SBP and are supervised under the Foreign Exchange Regulation Act and SBP’s Exchange Companies Manual. A business changing currency without that licence is operating illegally, whatever its shopfront says.
How do I check an exchange company is licensed?
SBP publishes a register of licensed exchange companies and their authorised branches. Ask the counter for the licence number of that specific branch and check it against the register. A head office licence does not cover a branch that is not listed on it — an unlisted branch is the most common form of the problem, not an entirely fake company.
What is the difference between an Exchange Company and an Exchange Company (B category)?
They are separate licence classes with different permitted activities. A full exchange company may deal in a broader range of foreign exchange business; a B category licence is narrower and is generally limited to buying and selling foreign currency notes. Both are licensed and both are legitimate; the class tells you what that company is permitted to do, not how good its rate is.
What documents do I need to buy foreign currency?
Your original CNIC, NICOP or POC is always required. Biometric verification applies to Pakistani nationals from USD 500 upwards. A purchase for travel also needs a passport, the visa where one applies, and a confirmed ticket, with supporting documents required from USD 1,000 upwards. These are regulatory requirements, not the individual company’s policy, so no counter can waive them for you.
How much foreign currency can I carry out of Pakistan?
Limits are set by SBP and depend on your age and destination, and they change. Treat any figure you read online — including ours — as a prompt to check the current rule with SBP or your exchange company before you travel, not as authority. Carrying more than the permitted amount is a customs matter, not a banking one.
Does SBP set the open market rate?
No. SBP publishes interbank figures and supervises the sector, but the rate at an exchange counter is set by that company. ECAP, the industry association, circulates indicative open market rates to its members, and those are guidance rather than a price control. Nobody publishes a binding retail rate.
What can I do if an exchange company treats me unfairly?
Raise it with the company first and keep the receipt, which a licensed company must give you. If that fails, SBP operates a complaints channel for the institutions it regulates. Having the branch name, the licence number and a dated receipt is what makes a complaint actionable — which is the practical reason to use a licensed branch and take the paperwork.
Is the interbank rate available to individuals?
No. It is a wholesale rate for transactions between banks in size. An individual buying or selling notes over a counter transacts at the open market rate, which sits away from interbank by the dealer’s cash handling cost and margin. Any service offering you "the interbank rate" is describing a reference, not the price you will get.