Revision Of Selected Chapters Of Foreign Exchange Manual

Faizan Hashmi Published June 21, 2017 | 05:50 PM

KARACHI, (UrduPoint / Pakistan Point News - 21st Jun, 2017 ) : In view of the changing market requirements, the State Bank of Pakistan (SBP) has recently initiated revision of the Foreign Exchange Manual, which is mainly aimed at introduction of new regulations, simplification of the existing instructions, removal of redundancies and gradual delegation of powers to the Authorized Dealers for facilitation of the stakeholders.

An SBP statement here on Wednesday said that in the first phase, seven chapters of the Manual covering regulations on Authorized Dealers, Authorized Rates of Foreign Exchange, Forward Exchange Facilities, Foreign Currency Accounts of Authorized Dealers and Purchase and Sale of Foreign Currencies, Non-Resident Rupee Accounts of Foreign Bank Branches and Correspondents and Loans, Overdrafts and Guarantees stand revised.

Further, a new chapter has been drafted with the title "Restricted Authorization to deal in Foreign Exchange". Drafts of these chapters have been placed at the State Bank's website www.sbp.org.pk soliciting feedback from the stakeholders.

The Authorized Dealers and other stakeholders are encouraged to furnish their suggestions/ proposals on the revised chapters at email: fem [email protected] latest by July 14, 2017, the SBP statement added. APP/rak/msk/sho