KARACHI: The State Bank of Pakistan has launched a Regulatory Approval System (RAS) for cases related to foreign exchange policy and operations, according to a statement issued on Friday.
The system, which has been operational since March 24, is an online platform for banks to interact with the SBP, or the SBP‐Banking Services Corporation (SBP-BSC), for submission of cases and to receive regulatory decisions.
These cases are handled by SBP’s Exchange Policy Department (EPD), Foreign Exchange Operations Department (FEOD) and BSC.
Using SBP’s RAS, banks will electronically submit FX operations-related cases to the Foreign Exchange Operations Department (FEOD), with paper-based submission having been abolished.
Similarly, forex policy-related cases pertaining to the Exchange Policy Department (EPD) will also be submitted electronically through SBP RAS. However, for EPD, manual submission of cases through surface mail will continue along with electronic submission for the time being.
The main idea behind this system is to keep business customers updated about the status of their requests routed through banks, from the day it is received at the SBP. Customers will receive system‐generated update status reports at their email address provided by the bank, from the time of case submission till completion. Customers will also be able to check the updated status of their cases on SBP’s website anytime.
According to the SBP, RAS is expected to conserve resources and bring efficiency by allowing timely FX‐regulatory approvals and replacing the paper-based submissions.
“SBP RAS is a step towards digitalization intended to leverage technology for improving public service and promoting ease of doing business in the country,” the statement said.