State Bank of Pakistan Centralized All Cross Border Payments for Better Management of Currency
Karachi September 20, 2022; In order to bring cross-border payments in line with international best practices, the State Bank of Pakistan (SBP) has re-engineered its business process by centralizing all cross-border payments at the Treasury Operations Department-SBP (TOD-SBP).
As per existing practice, the banks provide payment cases related to Asian Clearing Union (ACU), Cash Reserve Requirements (CRR) & Special Cash Reserve Requirements (SCRR), and Deposits/ Withdrawals from Local US Dollar Instrument Collection & Settlement; through State Bank of Pakistan, Banking Services Corporation, Karachi Office (SBP BSC – KO). Further, the banks also send their queries with regard to the above payment cases to SBP BSC – KO for clarification, guidance, and advice.
All ACU payment cases/letters addressed to Chief Manager “ACU Section” SBP BSC-KO, shall now be submitted to Director, Treasury Operations Department (Director-TOD), SBP.
All banks’ CRR & SCRR deposits & withdrawal cases/letters (FE25) addressed to Chief Manager “DAD Section” SBP BSC-KO shall now be submitted to Director-TOD.
All Local US Dollar deposits & withdrawals cases from Instrument Collection & Settlement (FE2) addressed to Chief Manager “DAD Section” SBP BSC-KO shall now be submitted to Director-TOD.
All banks/ Islamic banks are advised to please ensure compliance with the instructions mentioned above from 1st October 2022.
