AUGAF
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
PSX
Currencies
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
AUGAF
No Result
View All Result
Home Business

Digitalization Of FX Cases Initiated To Enhance Ease Of Doing Business: SBP

admin-augaf by admin-augaf
August 24, 2021
in Business
Reading Time: 2 mins read
0
Digitalization Of FX Cases Initiated To Enhance Ease Of Doing Business: SBP

Digitalization Of FX Cases Initiated To Enhance Ease Of Doing Business: SBP

Share on FacebookShare on TwitterWhatsapp

Karachi August 24 2021: SBP initiated the project of ‘End-to-End Digitalization of FX Cases’ with an objective to enhance ease of doing business in the country by providing a fully digitalized platform to business community and individuals approaching banks for their foreign exchange related requests to SBP. The project was divided into two phases.

In the first phase, banks were linked with ‘SBP FX Regulatory Approval System (RAS)’ on March 24, 2020; which enabled banks to submit FX related cases electronically for regulatory approval of SBP and SBP-Banking Services Corporation (BSC).The system has embedded features of providing transparent case tracking mechanisms through emails to customers and case status information option on SBP website. This initiative significantly enhanced operational efficiency and resulted in cost reduction, improved transparency and led to faster decision making at SBP and banks. Since the launch of the system, a total of 59,176 FX cases have been submitted digitally by the banks—instead of paper based submission—through SBP FX RAS till July 31, 2021.


A L S O || R E A D

Pakistan Receives USD 2.75 Billion From IMF As SDR Allocation: SBP


In the second phase of the project, SBP further extended the facilitation to the business community, whereby the banks developed portals to digitally receive FX cases from their clients for processing. The project was formally launched by the Governor SBP, Dr. Reza Baqir in a ceremony held on October 16, 2020, wherein SBP FX RAS and FX portals of 08 banks were showcased to the business fraternity. The project was successfully completed on June 30, 2021 when 27 banks, constituting 99.6% of the industry’s FX business, launched their portals for digital submission of FX cases by their clients. The remaining one bank is also shifting its core banking system and is expected to fully launch portal for its customers by end September 2021.

The banks, on their part, have ensured that FX portals developed by them are secure, easy to use and cover all FX related requests. SBP and banks have put in efforts to create awareness among business customers through various media such as emails, SMS, print, electronic and social media. Moreover, to facilitate businesses and general public in adoption of FX portals, banks have also established dedicated FX helpdesks in their respective branches. Further, SBP, in coordination with Pakistan Business Council and Overseas Investors Chambers of Commerce, conducted two rounds of surveys to gauge the feedback of businesses regarding the banks’ FX portals. The business community appreciated SBP’s initiative of digitalizing FX cases and largely expressed satisfaction over the ease being provided through usage of FX Portals.

Business community and individuals are expected to benefit greatly from this initiative in terms of reduced time and enhanced efficiency.. This initiative will also help reducing paper usage, thereby protecting the environment.


Related Posts

Remittance Hit 9 Month Low of USD 2.4 Billion: SBP

CCOE directed Petroleum Division to revisit the upfront Incentive package to the existing refineries

SBP directs banks to raise awareness about PM’s Relief Fund

Government allocates 150mmcft LNG to K-Electric


Tags: BUSINESSfinanceGovernor SBPPakistanSBP
admin-augaf

admin-augaf

Related Posts

IMF Says Risks to Financial Stability Have Increased, Calls For Vigilance
Business

IMF Says Risks to Financial Stability Have Increased, Calls For Vigilance

March 27, 2023
Saudi National Bank Appoints New Chairman After Credit Suisse Loss
Business

Saudi National Bank Appoints New Chairman After Credit Suisse Loss

March 27, 2023
DG
Business

DG Khan Cement Successfully Commissioned 6.9MW Solar Power Plant

March 27, 2023

Recent News

IMF Says Risks to Financial Stability Have Increased, Calls For Vigilance

IMF Says Risks to Financial Stability Have Increased, Calls For Vigilance

March 27, 2023
Saudi National Bank Appoints New Chairman After Credit Suisse Loss

Saudi National Bank Appoints New Chairman After Credit Suisse Loss

March 27, 2023
DG

DG Khan Cement Successfully Commissioned 6.9MW Solar Power Plant

March 27, 2023
FFBL

Pakistan Only DAP Manufacturer Resume Regular DAP Production

March 27, 2023
TELE

Telecard Subsidiary Announces Phase 3 Completion Of Multi Million Dollar Long Term Program

March 27, 2023

Popular News

  • Central Directorate of National Savings

    President Prohibit National Savings For Changing Rates on Existing Certificates Retrospectively

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Appreciate against Dollar in Interbank as IMF Confirmed Board Review Date

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Fall After 13 Days of Successive Gains against Dollar on Lower Remittances and Strengthening of US Dollar

    0 shares
    Share 0 Tweet 0
  • Pakistan Central Bank Issued Show Cause Notice to Eight Banks Over Currency Speculation

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Fall for the Straight Second Day Against Dollar on Opening of LCs

    0 shares
    Share 0 Tweet 0

Categories

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology
AUGAF Logo

Follow us on social media:

Recent News

  • IMF Says Risks to Financial Stability Have Increased, Calls For Vigilance
  • Saudi National Bank Appoints New Chairman After Credit Suisse Loss
  • DG Khan Cement Successfully Commissioned 6.9MW Solar Power Plant

Category

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology

Recent News

IMF Says Risks to Financial Stability Have Increased, Calls For Vigilance

IMF Says Risks to Financial Stability Have Increased, Calls For Vigilance

March 27, 2023
Saudi National Bank Appoints New Chairman After Credit Suisse Loss

Saudi National Bank Appoints New Chairman After Credit Suisse Loss

March 27, 2023
  • Home
  • Politics
  • News
  • Business
  • National
  • Finance
  • Technology
  • International

© 2021 AUGAF.

No Result
View All Result
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • Commodities
  • Contact

© 2021 AUGAF.