Islamabad, October 01, 2022 (PPI-OT):SBP has amended foreign exchange regulations with an objective to promote documentation and transparency in the foreign exchange transactions between exchange companies. In terms of revised regulations, it has been made mandatory for Exchange Companies, Franchises of Exchange Companies and Exchange Companies of ‘B’ Category to settle Pakistan Rupee consideration of all foreign currency
Purchase/ sale transactions conducted among themselves through their bank accounts.
Besides, stress has been laid on ensuring that CCTV Systems of Exchange Companies and Exchange Companies of ‘B’ Category should be functional at all times (i.e. 24 hours a day and 7 days a week) as required under existing regulations. However, in order to ensure transparency, it has been advised that
Exchange Companies and Exchange Companies of ‘B’ Category shall not carry out any business activity during the period in which CCTV system is non-functional at any of their outlet for any reason, including
Technical faults, until the functionality of the CCTV system is restored.
Moreover, minimum preservation period of video recording through CCTV system has been enhanced from two to six months or until the inspection of the company by SBP, whichever is earlier. This would ensure availability of CCTV recording for audit/inspection purposes.
The related instructions can be accessed at the following links: https://www.sbp.org.pk/epd/2022/FECL17.htm
For more information, contact:
Chief Spokesman,
State Bank of Pakistan (SBP)
Central Directorate
I.I. Chundrigar Road, Karachi, Pakistan
Tel: +92-21-111-727-111
Tel: +92-21-39212562
Fax: +92-21-39212433 – 39212436
Email: chief.spokesperson@sbp.org.pk
Website: www.sbp.org.pk