Faisalabad: The State Bank of Pakistan (SBP) has introduced a new digitization initiative in a bid to expedite the handling of foreign exchange (FX) proceeds, a news source reported on March 5. SBP Faisalabad Chief Manager Sarfraz Ahmad Nadeem expressed his views on the matter during a session titled ‘End-to-End Digitalisation on FX cases’
SBP Foreign Exchange Cooperation Department (ECD) Director Shakeel Paracha and Exchange Policy Department (EPD) Senior Joint Director Ahsan Waqas attended the session through a Zoom meet on Wednesday.
Nadeem said that the central bank is handling foreign exchange affairs through 16 offices, adding that it follows a merit-based policy when it comes to dealing with commercial banks, currency, taxes, foreign exchange.
He further stated that the new programme ‘will not expedite the approval process but also keep the customer updated about the status of his case at all stages’ in addition to eliminating the need to visit commercial banks for FX documentation.