Dr. Reza Baqir, Governor State Bank of Pakistan (SBP) launched the SBP FX Regulatory Approval System (RAS) for end-to-end digitalization of Foreign Exchange (FX) related case submission process.
The objective of digitalization of Foreign Exchange (FX) initiative is to provide a fully digitalized platform to the business community and individuals in approaching banks for their foreign exchange related requests.
The development will transform Exchange (FX) operations by replacing the paper-based requests with electronic submissions, which is not only efficient but also cost-effective.
This initiative is also congruent with the Government of Pakistan’s vision of Digital Pakistan.
Dr. Reza Baqir in his speech referred to various steps taken by State Bank of Pakistan towards digitalization at the central bank and in the banking industry and for enhancing the ease of doing business in the country.
Governor State Bank informed that State Bank of Pakistan (SBP) has worked with various public and private sector entities for providing alternate delivery channels for payments.
Dr. Reza Baqir also mentioned that the work of micropayment gateway is at an advanced stage, which would revolutionize the payment spectrum in the country.
Governor State Bank while sharing his vision on the foreign exchange front, Reza Baqir highlighted that in order to further liberalize the foreign exchange regime, SBP has taken several steps which included expansion of the delegation of FX related requests to banks.
The Governor State Bank further added that “It includes providing ease in payments for acquisition of services from abroad by one-time registration of contract with SBP and remittance of all subsequent payments by the banks, payments directly through the banks for the acquisition of services from digital service providers up to US$ 200,000 per year without any approval from the SBP,”
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