Governor State Bank of Pakistan (SBP), Dr. Reza Baqir, launched the SBP FX Regulatory Approval System (RAS) for End-to-End Digitalization of Foreign Exchange (FX) related case submission process in an event held on October 16, 2020 in Karachi. Advisor to the Prime Minister on Institutional Reforms and Austerity, Dr. Ishrat Husain was the Chief Guest of the event that was attended by key stakeholders including executives from SBP, SBP BSC, banks, chamber of commerce & industry and business community.
The objective of this initiative is to provide a fully digitalized platform to the business community and individuals in approaching banks for their foreign exchange related requests. The initiative will transform FX operations by replacing the paper-based requests with electronic submissions, which is not only efficient but also cost effective. This development is also congruent with the Government of Pakistan's vision of Digital Pakistan.