Meta’s Authorized Sales Partner for Pakistan, Dial Zero, has been unable to send advertisement payments to Meta due to issues related to clearance from the State Bank of Pakistan (SBP), reliable sources informed ProPakistani.
Sources told ProPakistani that if a reseller is registered with the central bank it should be able to send funds it owes outside the country to the platforms they represent.
However, in recent weeks the central bank has not provided the required clearances and permission which has effectively paralyzed the company from sending payments to Meta.
Pakistan’s foreign exchange reserves are currently precariously low, below $7 billion and it has prompted the central bank to put restrictions on the flow of dollars outside the country.
An official of the central bank on condition of anonymity confirmed that the bank has simply run out of dollars for making payments. The official said that the bank is only using foreign exchange for absolutely necessary payments and imports.
According to sources in the media buying industry, Dial Zero is likely not the only company that is unable to process its foreign payments, and many other companies are suffering the same situation.
The unofficial suspension of payments will likely pose a serious threat to media buying and advertising agencies if the situation doesn’t improve. Other than Meta, payments to Google have also been affected.
ProPakistani asked Dial Zero for its response to the situation but the company said it cannot comment on the matter.
It is pertinent to mention here that many other industries in the country are also suffering as the central bank has squeezed the opening of letters of credit (LCs). The shortage of dollars in the country is so serious that the central bank is not opening LCs for the import of raw materials used in medicines with the Pakistan Medical Association (PMA) warning of a potential shortage of medicines in the country.
The country doesn’t have funds for energy or medicine and sending finds to meta should not be a priority.
Well done State Bank
thanks to imran khan for this situation, you are the enemy of this country.
State Bank of Pakistan is totally insane. SBP’s monetary policies are taking the country to stone age era. The Bank is isolating the country in the international financial context. Too bad!