The Head/Principal Offices of
Authorised Dealers in Foreign Exchange

Dear Sir,

REPORTING OF TRANSACTIONS IN
MONTHLY EXCHANGE RETURNS

It has been observed that various banks have centralized their outward remittances in the main branch/ a single branch at Karachi and these transactions are being reported by these remitting branches in their monthly foreign exchange returns instead of the designated branch i.e. the branch to whom approval for remittance has been granted by State Bank of Pakistan or SBP Banking Services Corporation (Bank). This practice is creating serious problem in compiling statistics of outward remittances.

Banks are advised that there is no restriction on effecting all outward remittances from treasury or any centralized branch. It should, however, be ensured that the transactions are reported to the concerned area office of SBPBSC (Bank), by the designated branch i.e. the branch to whom the approval for remittance has been granted by State Bank of Pakistan or SBPBSC (Bank).