SBP Asks Banks to Report Data on Foreign Exchange Returns

The State Bank of Pakistan (SBP) has asked banks to submit data on Foreign Exchange Returns (FERs) generated by core banking systems. SBP in a circular has urged banks to submit the aforementioned data in CSV format to the Core Statistics Department, which was prepared using their core banking systems. FERs data prepared using MS Access Utility (Client) and submitted monthly through DAP will also be reported until otherwise advised. “Any erroneous and/or delayed reporting to Core Statistics Department shall attract punitive action under relevant provisions of law,” the central bank warned. Pertinently, banks dealing in foreign exchange were first advised in December 2022 to develop their own information set up in core banking systems/solutions for the reporting of monthly Foreign Exchange Returns (FERs) through such systems/solutions with effect from the May 2023 dataset by the 4th of the following month.