SBP initiates forex digitisation

The State Bank of Pakistan (SBP) has initiated the digitisation of foreign exchange.

According to a report by a local media outlet, payments to the corporate sector can now be made online, eliminating paperwork in the remittance of foreign currency by bank customers abroad.

According to a statement by an official of the SBP, the move will benefit the customer in getting timely updates of transactions.

Earlier in the month, the central bank had notified revisions in chapter 20 of the Foreign Exchange Manual to facilitate startups, fintechs and exports.

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