Reliable sources told an old news media publication that Dial Zero, Meta’s Authorized Sales Partner for Pakistan, was unable to transfer payment for advertisements to Meta because of problems with State Bank of Pakistan (SBP) approval.
According to sources, if a reseller is registered with the central bank, they should be able to transfer money they owe to the platforms they represent abroad.
However, in recent weeks the central bank has failed to grant the necessary authorizations and approvals, essentially impeding the company from paying Meta.
Due to Pakistan’s critically low foreign exchange reserves—which are currently around $7 billion—the central bank has imposed limitations on the export of dollars.
Under the condition of anonymity, a central bank official acknowledged that the bank has simply run out of money to make payments. The representative claimed that the bank exclusively uses foreign exchange for imports and strictly necessary payments.
Dial Zero is probably not the only business that is unable to handle its international payments, according to sources in the media buying sector, and many other businesses are experiencing the same problems.
If things don’t get better, the unofficial payment suspension will probably represent a severe danger to media buying and advertising agencies. Payments to Google have also been impacted in addition to Meta.
When ProPakistani enquired about Dial Zero’s reaction to the circumstance, the company stated that it was unable to comment.
It is important to note that numerous other industries in the nation are also struggling as a result of the central bank restricting the opening of letters of credit (LCs). The Pakistan Medical Association (PMA) has warned of a potential scarcity of medications in the country due to the severe dollar shortage in the nation, which has prevented the central bank from releasing Letters of Credit (LCs) for the purchase of raw materials needed in pharmaceutical manufacturing.
In a recent development, With Facebook Stars, Meta’s monetization platform, Pakistani content producers can now earn money.