SBP tightens remittances reporting system

SBP tightens remittances reporting system

KARACHI: State Bank of Pakistan (SBP) on Wednesday tightened reporting of monthly foreign exchange return submitted by banks.

The SBP said that it had been observed that authorized dealers (banks) report country of location of head offices of the money transfer companies while reporting data on Workers’ Remittances instead of original country of the remitter.

For example, IME Malaysia may mobilize funds from UAE, however, all remittances mobilized by IME are reported from Malaysia which leads to improper position of country wise statistics.

Therefore, all authorized dealers are strictly advised to report the original country of remitter while reporting data through ITRS.

Keeping in view the developments required at IT side and acquisition of data from money transfer companies, the banks will start data reporting according to original country of remitter from July 2020 and onwards.

To produce the comparable data series the authorized dealers will also report the revised data from July 2019 to June 2020 by July 15, 2020.