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Forex spread: SBP open for complaints against exchanges

Complaints must be accompanied by a copy of NIC of the complainant, purpose of transaction and other related details.

February 15, 2013 Less than a minute read

The general public may also lodge a complaint with SBP, if an exchange company refuses to sell foreign exchange on the pretext of shortages or non-availability of currency notes. PHOTO: FILE

ISLAMABAD:

The State Bank of Pakistan (SBP) advised the public that they may lodge their complaints with the central bank, if the difference between buying and selling rates, charged by an exchange company exceeds the prescribed limit of Rs0.25 and/or exchange rates of different currencies are not displayed in the premises prominently.

“The general public may also lodge a complaint with SBP, if an exchange company refuses to sell foreign exchange on the pretext of shortages or non-availability of currency notes for otherwise bona fide permissible transactions or transacts at other than displayed rates,” a statement of the SBP issued on Friday said.

Complaints must be accompanied by a copy of the computerised national identity card of the complainant, purpose of transaction and other related details.

Published in The Express Tribune, February 16^th, 2013.

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