SBP directs banks to streamline foreign exchange reporting through Core Banking Systems

April 13, 2023 (MLN): The State Bank of Pakistan (SBP) on Wednesday directed banks to provide data from their Core Banking Systems regarding Foreign Exchange Returns (FERs), the circular issued to the Presidents/Chief Executive Officers of all banks dealing in Foreign Exchange revealed.

 In December 2022, all banks that deal with foreign exchange were instructed to establish their own information setup within their core banking systems/solutions for the reporting of monthly FERs through such systems/solutions.

This new reporting method will come into effect from May 2023 dataset by the 4th of the following month.

“Banks are advised to submit aforementioned data, prepared through their banking system, in CSV format to this Department. The FERs data, prepared using MS Access Utility (Client) being submitted monthly through DAP, will also continue to be reported until advised otherwise,” the circular read.

The SBP has also cautioned banks that any inaccurate or delayed reporting to the Core Statistics Department will result in punitive action under relevant legal provisions.

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