'SBP launches end-to-end digitization for expeditious handling of foreign exchange proceeds'.

FAISALABAD -- State Bank of Pakistan (SBP) has launched an innovative program of end-to-end digitization to ensure trenchancy and expeditious handling of the foreign exchange proceeds.

This was stated by Sarfraz Ahmad Nadeem, Chief Manager SBP Faisalabad while addressing an awareness session on 'End-to-End Digitalization on FX cases' here Wednesday while Shakeel Paracha, Director Foreign Exchange Cooperation Department SBP head office and Ahsan Waqas Senior Joint Director Exchange Policy Department (EPD) SBP head office joined the session through zoom.

Sarfraz Nadeem said that SBP is a supreme authority for handling Pakistani currency affairs. It is also dealing with foreign exchange affairs through its 16 operational offices. He said that SBP has a good repute in its service delivery under a most conducive environment and customers' problems relating to commercial banks, currency, taxes, foreign exchange, etc. are being resolved without any discrimination purely on merit basis.

He said that SBP is now heading toward adoption of latest technology to speed up its service delivery so that precious time and energy of the customers could be saved. In this connection, SBP has introduced a digital regulatory approval system for Foreign Exchange on 24th March 2020 to facilitate its customers especially exporters and importers.

He said that the new system which is called 'End-to-End Digitization on FX cases' will not only expedite the approval process but also keep the customer updated about the status of his case at all stages. Earlier, the customers had to visit a commercial bank to submit its foreign exchange related documents and the bank after scrutinizing the documents sent the same to SBP for approval. In this way the customers often had to visit commercial bank many times but he was also not aware of status of his application till its approval or rejection.

But now the customer will have no need to visit commercial banks many times for submission of his documents or know status of his application regarding foreign exchange. Now the customer will...