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KARACHI: The State Bank of Pakistan (SBP) has revised the timelines for submission of data of Banks’ Floating Exchange Rates.

As per previous directives, all authorised dealers were required to submit their data of daily exchange rates, on monthly basis, to Core Statistics Department (CSD), State Bank of Pakistan by 3rd of the following month through Data Acquisition Portal (DAP).

Now the SBP has revised the timeline for submission of data. To reduce the lag in dissemination of “Banks’ Average Floating Exchange Rates”, the submission deadline has been changed to 2nd working day of the following month effective February 2024, and to 1st working day of the following month effective January 2025, the SBP said in circular issued to banks.

Alarm bells: SBP-held foreign exchange reserves plunge $923mn, now stand at mere $3.7bn

SBP has asked the banks that before data submissions to CSD, reporting Institution must ensure the data is verified and in compliance with instructions on the subject. Any erroneous and/or delayed reporting to CSD shall attract punitive action under relevant provisions of law, the SBP warned.

Copyright Business Recorder, 2024

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