Karachi, October 11, 2024: The State Bank of Pakistan (SBP) has announced significant updates to the reporting requirements for Authorized Dealers in the foreign exchange market, following an amendment under Para 33 of Chapter 12 of the Foreign Exchange (FE) Manual.
Effective immediately, Authorized Dealers are now required to submit specific statements . Appendix V-20 and Appendix V-21 on a fortnightly basis. These reports must be provided to the Foreign Exchange Operations Department (FEOD) of SBP Banking Services Corporation (SBP BSC) in CSV format through the Data Acquisition Portal (DAP). The deadlines for submissions have been established for the first 15 days of each month (1st to 15th) and the latter half of the month (16th to the end of the month), with all reports due within 5 days of the reporting period’s conclusion.
This amendment aims to improve the efficiency and accuracy of foreign exchange reporting, ensuring timely data collection and analysis. The SBP emphasizes that all other existing instructions on the subject will remain unchanged.
Authorized Dealers are urged to disseminate this important update to all relevant stakeholders within their organizations to ensure full compliance with the new reporting requirements. For further clarification or assistance, dealers are encouraged to consult the FE Manual or contact the FEOD directly.
This proactive step by the SBP reflects its commitment to enhancing the transparency and integrity of the foreign exchange market in Pakistan, ultimately supporting the nation’s economic stability.
