State Bank and EPD renamed as Foreign Exchange Operations Department

KARACHI (November 11 2003): The State Bank on Monday renamed the Exchange Policy Department, SBP Banking Services Corporation as 'Foreign Exchange Operations Department' (FEOD).

Through Circular No 19, the SBP referred to its earlier FE circular No 4 dated 15-02-2002 in terms of which functions of exchange policy department were bifurcated as under:

I) All policy and investment related issues would be dealt with by the exchange policy department, State Bank of Pakistan, II) All operational matters pertaining to foreign exchange would be directly handled by the respective area field offices of the SBP banking services corporation (Subsidiary), III) Foreign exchange issues other than those mentioned in paras (I) and (II) above including general matters may be referred to the respective area field offices of SEP banking services corporation or Director exchange policy department, SBP Banking Services Corporation, Head Office, Subsidiary House I I Chundrigar Road, Karachi.

SBP further advised that “due to the nature of the operations the exchange policy department SBP banking services corporation; head office in Karachi and then field offices at various stations has been renamed as foreign exchange operations department (FEOD)

In the wake of recent liberalisation drive of the State Bank, and a paradigm shift in SECP's role from control to guidance and monitoring culture, the powers to makes remittances on account of various foreign exchange transactions have accordingly been delegated to authorised dealers, SBP explained.

“The renamed Foreign exchange operations department has various sections to take care of operational matters. All operational issues pertaining to the following areas should be referred to FEOD of SBPBSC (Bank) field offices at various stations:

I) Export & Import

II) Export outstanding/overdue

III) Export verification claims/performance

IV) Commercial remittance (insurance, shipping & Airlines)

V) Oil & Shipping issues

VI) Commission Related Remittances

VII) Private Remittance

VIII) Submission of returns & Statistical data

IX) Money changers Affairs

X) Exchange allocations & Releases

XI) All other operational matters”

“As a consequence of the above the exchange policy department of state bank primarily deals only with the policy issues and not the daily routine operations and reporting.

In case of any inquiry regarding the policy and its interpretation, EPD officials will be available, while operational issues in the respective area mentioned above may be referred to FEUD at SBPPSC (Bank) at various field off ices.

All sorts of suggestions/proposals from the stakeholders for revision of existing regulations or for introducing new rules/regulations may be forwarded to the director, exchange policy department, SBP, Karachi the persons requiring any clarification/guidance may write to the same address or through the help desk situated at EPD SBP.

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