Staff Reporter
Karachi
Governor State Bank of Pakistan Dr. Reza Baqir has launched the SBP FX Regulatory Approval System (RAS) for end-to-end digitalization of Foreign Exchange (FX) related case submission process.
The objective of this initiative is to provide a fully digitalized platform to the business community and individuals in approaching banks for their foreign exchange related requests.
The initiative will transform FX operations by replacing the paper-based requests with electronic submissions, which is not only efficient but also cost-effective.
This development is also congruent with the Government of Pakistan’s vision of Digital Pakistan.
The governor SBP in his speech referred to various steps taken by State Bank of Pakistan towards digitalization at the central bank and in the banking industry and for enhancing the ease of doing business in the country.
He informed that SBP has worked with various public and private sector entities for providing alternate delivery channels for payments. He also mentioned that the work of micropayment gateway is at an advanced stage, which would revolutionize the payment spectrum in the country.
Sharing his vision on the foreign exchange front, he highlighted that in order to further liberalize the foreign exchange regime, SBP has taken several steps which included expansion of the delegation of FX related requests to banks.
