Pakistan-based foreign exchange or forex consumers will have a better experience starting this month. The State Bank of Pakistan, also known as the SBP, has declared that it has launched a program adopting state-of-the-art technology to help upgrade the forex sector in Pakistan.
Based on the news posted online by Pakistani daily English-language newspaper The Express Tribune, the SBP confirmed that it wants to ensure the fast handling of forex proceeds. To achieve this target, it has introduced an ingenious program for end-to-end digitalization. This latest forex news in Pakistan is an auspicious development.
We support the idea that utilizing technology in forex facilitates quick and seamless results. Gujranwala Muhammad Waheed Akhtar was present at an awareness session on Wednesday, March 10. He delivered his announcement regarding SBP’s latest initiative, which is known as “End-to-End Digitalization of FX Cases.”
Akhtar confirmed that the SBP is now moving towards the utilization of the newest technology. He pointed out that this move of Pakistan’s central bank will facilitate speedy service delivery. With their new program, the SBP Chief Manager said they could help consumers conserve their energies and precious time.
Additionally, Akhtar emphasized that the SBP is the supreme institution for handling Pakistani currency affairs. He remarked that they at the Pakistani central bank are also dealing with forex affairs via their 16 operational bureaus.
Aside from the SBP Chief Manager, the Pakistani central bank’s Shakeel Muhammad Paracha gave more insights regarding the government institution’s new system. He gave a relevant background, saying that in the past, consumers had to visit a commercial banking firm to submit forex-related files. Then, after the bank’s evaluation, the financial institution will send the documents to the SBP for approval if necessary.
Paracha relayed that this old process inconveniences consumers as they would have to visit commercial banks’ branches many times. The head of the Banking Services Corporation-Foreign Exchange Operations Department of the SBP added that, with the old system, consumers would not know their applications’ statuses until they get rejected or approved.
With the SBP’s new system called “End-to-End Digitalization of FX Cases,” Paracha confirmed Akhtar’s description, citing that it would hasten the approval process of forex-related cases. Additionally, this upgraded and technology-focused program will keep consumers updated on their cases’ statuses at all levels. Paracha shared that the SBP had launched the digital regulatory approval system for forex to help stakeholders, specifically the importers and exporters.
We must remark that the SBP has made the right decision in using technology to expedite forex approval procedures. Digitalization is, indeed, the way in today’s forex markets. Without this technology measure, Pakistani forex traders and consumers would stay as laggards in South Asia.
Furthermore, Pakistan is among the nations close to India, which is a massive forex market, and the latest development in the country would enhance forex trading in both nations as well. We hope that other countries in the region whose forex-related processes do not employ digitalization yet would follow suit. In this manner, forex activities would be seamless, and more interested participants would enjoy the encouraging yields.