IMF seeks extensive daily and monthly exchange market data from SBP to strengthen transparency and monitor currency operations
The International Monetary Fund (IMF) has intensified oversight of Pakistan’s foreign exchange market under the country’s ongoing bailout programme, requiring the State Bank of Pakistan (SBP) to provide extensive daily and monthly data on currency market operations.
According to official details, the IMF has directed the central bank to submit a broad range of information covering exchange rate movements, foreign exchange interventions, interbank market activity and commercial bank transactions as part of programme monitoring requirements.
The lender has sought daily and monthly reporting on market exchange rates, including buying and selling rates, weighted average customer exchange rates, monthly trading volumes and the highest and lowest rates recorded in both interbank and kerb markets.
The IMF has also requested detailed information regarding the SBP’s foreign exchange operations, including outright purchases and sales in spot markets as well as transactions involving forward contracts.
In addition, the lender asked for comprehensive reporting on swap and forward market operations conducted against the domestic currency, including transaction volumes and daily outstanding foreign exchange positions.
Under the enhanced framework, the SBP will also be required to provide end-of-day swap and forward positions, summaries of daily market activity and maturity-wise outstanding exposures involving counterparties.
For the interbank dollar spot market, the IMF has sought granular information including total transaction values, number of deals executed, number of participating banks, average transaction sizes, weighted average exchange rates and statistical indicators such as standard deviations of traded prices and values.
The lender has similarly requested detailed data relating to interbank forward market transactions in U.S. dollars, including transaction volumes, participating institutions, maturity periods and associated market indicators.
Commercial banks have also come under closer scrutiny, with authorities required to provide aggregate customer transaction data covering gross foreign exchange purchases and sales conducted through the banking system.
The monitoring mechanism further extends to pending dividend and profit repatriation payments awaiting execution after regulatory approvals, highlighting the IMF’s focus on foreign exchange outflows and external sector stability.
The lender has additionally asked for a detailed breakdown of short and long positions in swap and forward contracts, together with maturity-wise classifications of outstanding positions and counterparty exposure details.
Economic analysts said the enhanced monitoring reflected the IMF’s increased emphasis on exchange rate transparency, disciplined foreign exchange management and limiting excessive market intervention during implementation of Pakistan’s economic reform programme.
Experts added that tighter oversight is aimed at strengthening confidence in Pakistan’s external sector management and ensuring compliance with commitments made under the IMF-supported stabilisation programme.
