Two core departments of the State Bank of Pakistan (SBP) related to forex operations, the Exchange Policy Department and the Foreign Exchange Operations Department (FEOD), have recently arranged a series of detailed presentations of foreign exchange operations and ‘SBP Online Portal.’
After its formal launch this month, banks will electronically submit foreign exchange-related cases to SBP.
During the presentation, the stakeholders were provided with an overview about the functions of the online portal.
In order to keep the clients apprised about the status of cases submitted to SBP, an email containing system-generated unique case number will be sent to the clients on the email address provided by banks at the time of case submission.
Managing Director, SBP Banking Services Corporation (BSC), Mr.Muhammad Ashraf Khan in his welcome address underlined the importance and key role of the business sector in economic revival and future growth of the country.
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He also highlighted the key initiatives taken by SBP to digitize the processes and move towards a paperless environment, which will ultimately benefit the businesses of the country. Director, EPD informed the participants about recent policy measures taken by SBP to promote the business sentiments in the country.
He explained that current measures are in continuation of SBP’s efforts to ease the earlier restrictions as well as to facilitate and support ease of doing business in view of the improved economic outlook.
It is pertinent to mention here that awareness sessions were conducted by SBP at Lahore, Faislabad, Gujranwala and Sialkot in order to create awareness among the business community about the foreign exchange operations and to apprise them about the key developments at State Bank of Pakistan (SBP) related to digitization and ease of doing business.
The subject sessions were attended by more than 150 officials from different companies nominated by various chambers and associations including Pakistan Business Council, Overseas Chamber of Commerce & Industry and local chamber of commerce & industry of respective cities.
The presentation was followed by an interactive question-and-answer sessions. Participants raised questions related to various aspects of foreign exchange operations including exchange rate stability, SBP’s guidelines regarding trade based money laundering (TBML) and government subsidy schemes for exporter, which were answered by the SBP management.
At the conclusion of the session, Managing Director, SBP BSC thanked the participants for their concrete and specific suggestions which would help further improve the ‘SBP Online Portal’.
Previously, an awareness session was also conducted in Karachi. Furthermore, similar sessions have also been planned for other cities in the coming weeks.