SBP directs ADs to meet foreign exchange demand
KARACHI: The State Bank of Pakistan (SBP) has given a deadline to the authorised dealers (ADs) countrywide to ensure the foreign exchange (FX) provision to individuals at their branches for the purpose of travel, education and medical abroad by December 7.
The central bank issued strict directives after observing that the authorised dealers are not discharging their due responsibilities in catering to the legitimate foreign exchange needs of individuals despite issuance of clear instructions and holding various meetings. As a result, individual customers face difficulties when they approach authorised dealers for withdrawal of cash foreign exchange from their foreign currency accounts.
The authorised dealers are advised to ensure compliance of the instructions, failing which strict action under the related rules and regulations would be taken against the concerned banks.
In order to facilitate the foreign currency account holders/customers, the authorised dealers should ensure adequate availability of foreign currency notes, especially US dollar, euro, Saudi riyal and UAE dirham, for meeting their customers’ requirements.
Dealers should put in place the requisite infrastructure/systems/processes for the efficient delivery of the FX services.
The officials, dealing with the customers for FX services, should be adequately trained/made acquainted with the existing foreign exchange rules and regulations governing individual FX needs.
The authorised dealers should appoint a focal person at head/principal office level in relation to handling FX services and matters related thereto. The particulars of such nominees (including their contact numbers) should be intimated to this department as well.
The authorised dealers should take all necessary measures to create awareness among their customers about FX services.The relevant details of the services should also be made available at the official websites of the dealers.
The contact/call centres of the authorised dealers should have adequate capacity in relation to appropriate handling of queries/complaints related to FX Services.