The State Bank of Pakistan (SBP) has announced revisions to the deadlines by which banks must submit their floating exchange rate data, aiming for more timely dissemination of information.
Under the new directive, authorized dealers are now required to report their daily exchange rates to the Core Statistics Department (CSD) of the SBP more swiftly than before.
Previously, banks had until the 3rd of each month to submit the prior month’s data through the Data Acquisition Portal (DAP).
However, starting from February 2024, the submission deadline will be the 2nd working day of the following month.
This timeline is set to tighten further from January 2025, when submissions will be due on the 1st working day of the month.
The SBP emphasizes the importance of accuracy and compliance in the reporting process.
Banks are instructed to thoroughly verify their data before submission to ensure it meets the SBP’s guidelines.
The central bank has also issued a warning that any instances of erroneous or delayed reporting will be subject to punitive measures under the relevant legal provisions.
This move is part of the SBP’s efforts to enhance the efficiency and reliability of financial data reporting within the country.
