SBP mandates exchange cos to settle transactions through bank accounts

September 30, 2022 (MLN): The State Bank of Pakistan (SBP) has mandated exchange companies to settle Pakistan Rupee consideration of all foreign currency transactions conducted among themselves through their bank accounts, a press release showed on Friday.

“In terms of revised regulations, it has been made mandatory for exchange companies, franchises of exchange companies and exchange companies of ‘B’ category to settle rupee consideration of all foreign currency transactions conducted among themselves through their bank accounts,” the press release added.

The SBP said stress has been laid on ensuring that CCTV systems of exchange companies and exchange companies of ‘B’ category should be always functional as required under existing regulations.

However, to ensure transparency, the central bank advised exchange companies and exchange companies of ‘B’ category to not carry out any business activity during the period in which CCTV system is non-functional at any of their outlet for any reason, including technical faults until the functionality of the CCTV system is restored.

Moreover, minimum preservation period of video recording through CCTV system has been enhanced from two to six months or until the inspection of the company by the SBP, whichever is earlier.

Copyright Mettis Link News