Special purpose FCAs: Banks told to submit report as per revised code list

KARACHI: The State Bank of Pakistan (SBP) has revised the code list pertaining to reporting of Special Purpose Foreign Currency Accounts (Onshore/Off-shore) and advised the banks to submit the report as per revised code list.

All banks, maintaining Special Purpose Foreign Currency Accounts (Onshore/Offshore), are required to submit the monthly statement to Core Statistics Department (CSD), State Bank of Pakistan, by 5th of the following month through email as per statements A to E.

For further classification of certain international transactions like trade in services, debt amortization, trade credits etc., the code list for statement A, pertaining to Special Purpose Foreign Currency Accounts (Onshore/Offshore), has been revised and made available on Knowledge Centre of SBP Data Acquisition Portal (DAP).

Accordingly, SBP has advised the banks to submit the report on Special Purpose Foreign Currency Accounts (Onshore/Off-shore) as per revised code list for statement A and existing format for statements B to E through DAP, instead of emails, effective from July 2024 data.

The SBP has asked the reporting institutions to develop a mechanism/layer to check and verify, before submissions on due dates to CSD, 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, the SBP warned.

Copyright Business Recorder, 2024