The State Bank of Pakistan (SBP) has with immediate effect realigned the functions of its Exchange Policy Department (EPD). This has been done in order to regulate, supervise and monitor the affairs of the Exchange Companies (Category A & B) in an efficient and more effective manner.
With this realignment, Off-site Monitoring, Supervision, Compliance, Enforcement and related functions shall now be dealt by the Off-site Supervision and Enforcement Department (OSED) of the State Bank of Pakistan, according to F.E. Circular No 4 of July 20, 2011.
Consequently, the matters related to annual Audited Accounts, Inspection Reports, Compliance Reports etc. shall be handled by OSED. Further, all daily, weekly and monthly reports currently being submitted to EPD shall now be submitted to OSED, the circular added.
All other functions/matters and those cases not covered under the existing rules and regulations relating to Exchange Companies shall continue to be dealt by the Exchange Policy Department.