State Bank invites proposals
It is a misconception that SBP will be empowered unabatedly through the proposed Act to share financial or non-financial private information with any entity, particularly outside the country, said the Ministry of Finance. PHOTO: FILE
Considering the market dynamics and keeping pace with the changing business environment, the State Bank of Pakistan (SBP) is in the process of revising the Foreign Exchange (FE) Manual in consultation with relevant stakeholders in a phased manner. According to a statement issued on Monday, the primary objective of these revisions is to promote ease of doing business by simplifying instructions, removing redundancies and delegating more powers to the authorised dealers for facilitation of the stakeholders. In this regard, 11 chapters (out of 22) of the Foreign Exchange Manual have already been revised. Continuing the work to align the foreign exchange regime with the ever changing business dynamics, the proposed/draft Chapter 14 (commercial remittances) of the Foreign Exchange Manual has been placed on the SBP website for comments of the stakeholders.
Published in The Express Tribune, April 6th, 2021.
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