KARACHI: The State Bank of Pakistan (SBP) has asked banks to submit data of Foreign Exchange Returns (FERs) prepared through their core banking systems.

In December 2022, all banks dealing in foreign exchange were advised to develop their own information set up in core banking systems/solutions for the reporting of monthly Foreign Exchange Returns (FERs) through such systems/solutions with effect from May 2023 dataset by 4th of the following month.

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Now, the SBP has advised banks to submit the aforementioned data, prepared through their core banking systems, in CSV format to the Core Statistics Department.

The FERs data, prepared using MS Access Utility (Client) being submitted monthly through DAP will also continue to be reported until advised otherwise. The SBP has warned that any erroneous and/or delayed reporting to the Core Statistics Department will attract punitive action under relevant provisions of law.

Copyright Business Recorder, 2023