EPD Circular Letter No. / 21 /EPP.1 (51) ACU/ 2006 |
November 21, 2006 |
The
Head/ Principal Offices of all
Authorized Dealers in Foreign Exchange
Dear
Sir/Madam,
ACU
transactions in accordance with the ACU mechanism
TAttention
of the Authorized Dealers (ADs) is invited to the para
38 (v) of Chapter XIII of the Foreign Exchange Manual
(8th edition 2002).
It has been observed that during the course of ACU transactions,
Commercial Banks face difficulty in maintaining an efficient
and prompt operational relationship with correspondent
banks due to the following reasons:
-
1.
Banks have experienced reconciliation problems due to
poor quality of services provided by some correspondent
banks in member countries. Banks do not receive bank statements
regularly from their correspondent banks. Some banks take
months to issue bank statements. All required details
are not available in the bank statements.
2. Some correspondent banks do not answer promptly to
the queries made by local commercial banks to resolve
settlement problems;
3. No compensation is paid for the delayed payments even
if the delays are due to lapses of the correspondent banks.
In order to tackle such difficulties and ensure an efficient
and prompt operational relationship with correspondent
banks in ACU countries, Authorized Dealers are advised
to ensure the following course of action:-
-
Improve services of the banks and act promptly to any
queries raised by their counterparties in ACU countries.
-
Issue
ACU Dollar account statements as and when a transaction
occurs and on a monthly basis.
Further, Authorized Dealers may note that in case of any
difficulty/clarification relating to the payments under
ACU mechanism, the following officer of Exchange Policy
Department may be contacted:
Mr. Muhammad Akmal, Joint Director, Exchange Policy Department,
SBP, Karachi.
Tel
No: 92-21-2453952
Fax No:92-21-9212527
Email: [email protected]
Please bring the same to the notice of all your
constituents.
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Yours faithfully,
Sd/-
(Syed Samar Hasnain)
Director
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