August 01, 2023 (MLN): The State Bank of Pakistan (SBP) has revised the deadline for reporting monthly data on foreign currency deposits and their utilization, the circular issued to the Presidents/Chief Executive Officers of all banks dealing in Foreign Exchange revealed.
According to the circular, banks are now required to submit the data by the fifth of the following month, instead of the seventh, starting from the data for July 2023.
The circular involves all banks dealing in foreign exchange reporting monthly “FE-25 Deposits and their Utilization” and “Consolidated Position of Old Foreign Currency Accounts” respectively to Core Statistics Department (CSD) of SBP.
This is in reference to an earlier circular issued in June 2022, which introduced the format for reporting the month-end stock position of various types of foreign currency accounts.
“Reporting Institutions shall develop a mechanism/layer to check and verify, before submissions on due dates to CSD, that all data are prepared according to the relevant guidelines issued from time to time. Any erroneous reporting shall attract punitive action under relevant provisions of law.” the notice reads.
