FX operations to be fully automated by June: SBP
Digitalisation of foreign exchange has been expanded from 8 to 13 banks and majority of the banks will be managing 100pc FX operations digitally by June 2021.
This was stated by State Bank of Pakistan's Banking Services Corporation Managing Director Muhammad Ashraf Khan during his meeting with the Karachi
Chamber of Commerce & Industry (KCCI) officials on Monday.
He said the initiative to digitise foreign exchange operations was taken to create ease for the business community, as it would completely eradicate paperwork and expedite the overall process. He noted that everything now has been transferred from manual to digital processing and customers have the freedom to get online any time either from their home or office to apply for delivery of remittances without any paperwork. Assuring complete support and cooperation, he stressed that the business and industrial community must come forward to adopt digital mode for foreign exchange, wherein the customers can get registered themselves and track progress of case while relevant bank staff is also intimated about the progress and history of all the transactions is maintained in a paperless environment.