KARACHI: The State Bank of Pakistan (SBP) has revised the format for currency-wise reporting of FE-25 Deposits. All banks are reporting FE-25 Deposits and its Utilization data to Statistics and Data Warehouse Department (SDWD) of State Bank of Pakistan on monthly basis.
In order to expand the coverage of currency-wise reporting of FE-25 Deposits from ‘US Dollar, UK Pound, Euro, Japanese Yen’ to ‘US Dollar, UK Pound, Euro, Japanese Yen, Chinese Yuan and Others (in equivalent US Dollar),’ Statistics and Data Warehouse Department (SDWD) of SBP has revised the format for reporting.
The banks are also required to submit the month end stock position of Old FCA, Foreign Currency Value Account (FCVA), Retention Account, Special Foreign Currency Accounts of Private Power Projects, and Special Permission Foreign Currency Accounts as per the revised format. Banks are advised to report aforementioned data, starting from the data for June 2022, by the 7th of the following month.
SBP has asked the reporting institutions must develop a mechanism/ layer to check and verify, before submissions on due dates to SDWD, that all data are prepared according to the relevant guidelines issued from time to time. Any erroneous reporting shall attract punitive action under relevant provisions of law, SBP warned.
Copyright Business Recorder, 2022