All Scheduled Banks

Dear Sir,

MONTHLY FOREIGN EXCHANGE RETURNS

It has been observed that banks do not comply with the instructions of SBP while submitting the FER data through floppy diskettes. Some of the common mistakes include:

Incomplete files
Misreporting regarding NOSTRO balances by head office/Branches
Invalid purpose codes
Incomplete branches’ data
Invalid country codes

2.   The non-compliance of instructions negatively affect the accuracy of statistics compiled on the basis of these data as well as delays the finalization of final reports All banks are, therefore, advised to submit proper returns/floppy diskettes as per guidelines provided to them by SBP from time to time, in case of non-compliance, the data will not be accepted and strict action will be taken as per rules from the month of February 2005.

3. To ascertain the accuracy of data, it has been decided that the officer nominated by each bank responsible for submission of reliable and timely data to SBP will be required to provide a certificate that:

i.      data is complete
ii.      all branches are covered
iii.      opening&  closing balances are matched
iv.      the data is accurate

4. Any data/diskette without the above certificate will not be acceptable and responsibility for delay will lie on part of the reporting bank.