The State Bank of Pakistan (SBP) has extended the deadline for reporting monthly statistics on foreign currency deposits and their utilization by banks dealing in foreign exchange.
Beginning with the data for July 2023, banks are now required to report data by the fifth of the following month, rather than the seventh, according to a circular issued by the central bank on Tuesday.
The revision in scheduled reporting for the aforesaid matter is in reference to an earlier SBP circular released in June 2022, which established a process for disclosing the month-end stock position of various types of foreign currency accounts.
The banking regulator wants all reporting entities to follow the due process for submitting data on foreign currency accounts in accordance with rules released from time to time, prior to submissions on due dates to the Core Statistics Department of SBP. Any incorrect reporting will result in punitive action under applicable legal rules.
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