SBP Digitizes Forex Approval Process with New System

The State Bank of Pakistan (SBP) has launched an innovative program for end-to-end digitization, titled “End-to-End Digitalization of FX Cases.”

The move is made to ensure expeditious handling of foreign exchange proceeds. The SBP also organized an awareness session on the program on Wednesday.

Addressing the session, SBP Gujranwala Chief Manager, Muhammad Waheed Akhtar, said, “We are also dealing with foreign exchange affairs through 16 operational offices.” Adding, “The SBP is now moving towards adoption of latest technology to speed up service delivery so that precious time and energies of customers could be saved.”

SBP BSC Foreign Exchange Operations Department Head, Shakeel Muhammad Paracha, also addressed the event and said the central bank had introduced a digital regulatory approval system for foreign exchange in March 2020 to facilitate the stakeholders, particularly the exporters and importers.

This new system would not only expedite the approval process but would also keep the customers updated on the status of their cases at all stages, he elaborated.

He said that before the launch of this program, customers had to visit a commercial bank to submit foreign exchange-related documents, which were then sent to the SBP for approval. This meant that sometimes customers had to make multiple visits to the banks. “Furthermore, the customers were also not aware of the status of their applications until their approval or rejection,” he said.

Courtesy: Pro Pakistani

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