SBP completes digital approval system for forex cases – BOL News

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KARACHI: The central bank on Monday said it has completed digitalisation of the regulatory approval system for foreign exchange cases to support ease of doing business, a statement said. The State Bank of Pakistan (SBP) said it had initiated the project of “End-to-End Digitalisation of FX Cases” with an objective to enhance ease of doing business in the country by providing a fully digitalised platform to the business community and individuals, approaching banks for their foreign exchange-related requests to the State bank. The project was divided into two phases. In the first phase, the banks were linked with the “SBP FX Regulatory Approval System (RAS)”on March 24, 2020, which enabled the banks to submit forex-related cases electronically for the regulatory approval of the SBP and the SBP-Banking Services Corporation. The system has embedded features of providing transparent case tracking mechanisms through emails to customers a
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