The State Bank of Pakistan (SBP) has revised the reporting schedule for floating exchange rates.
The regulator said in a circular dated February 26, 2024, “To reduce the lag in the dissemination of “Banks’ Average Floating Exchange Rates”, the submission deadline has been changed to 2nd working day of the following month effective February 2024, and to 1st working day of the following month effective January 2025”.
SBP explained that before data submissions to the Core Statistics Department, reporting Institutions shall ensure the data is verified and in compliance with instructions on the subject. Any erroneous and/ or delayed reporting to CSD shall attract punitive action under relevant provisions of law.
Previously, all Authorized Dealers were required to submit their data of daily exchange rates every month to SBP’s Core Statistics Department by the 3rd of the following month through the Data Acquisition Portal (DAP)