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SBP launches whistle-blowing forum to bust illegal money dealers

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2 years ago

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  • Illegal money-dealers be reported at whistleblowing.FX@sbp.org.pk.
  • Complaints be sent to SBP at facilitation.fx@sbp.org.pk.
  • Public at large asked to refrain from making false allegations.

KARACHI: The State Bank of Pakistan (SBP) has launched a whistle-blowing forum for the identification of foreign exchange companies operating illegally in the country to ensure accountability and integrity, it said in a statement.

“The public, at large, may use the dedicated email address: WhistleBlowing.FX@sbp.org.pk- to report to SBP any unauthorised foreign exchange activity, said a statement issued here,” the central bank announced.

“The email may also be used to report if any exchange company refrained from providing system-generated receipt of the currency exchange transaction.”

The central bank urged the public to be judicious in reporting any unauthorised foreign exchange activity and provide facts and as much specific information and particulars as possible to examine the matter thoroughly.

“They are also expected to refrain from rumour mongering, speculation, false and frivolous allegations or accusations,” the SBP said adding that the identity of the complainant would be kept confidential however the disclosure of identity for utilising the forum was voluntary.

The SBP has also introduced another email address, facilitation.fx@sbp.org.pk, to receive public concerns if any person faced any issue in dealing with exchange companies including the sale/purchase of foreign currency notes by the money-changers, issuing receipts which are not system-generated, charging exorbitantly high exchange rate over those displayed on the notice board, denial of genuine requests of the customer for the provision of foreign currencies, etc.

The SBP regulates foreign exchange business in the country under Foreign Exchange Regulation Act, 1947 and under the Act central bank has authorised twenty-six exchange companies of the “A” category and twenty exchange companies of the “B” category to deal in foreign exchange business including sale purchase of foreign currency notes.

Meanwhile, Minister of State for Finance Dr Ayesha Ghous Pasha on Friday warned the commercial bank of exemplary punishment for overcharging on Letters of Credit (LCs) payments.

Briefing the Senate Standing Committee on Finance and Revenue the minister of state said that the banks involved in such activities would be fined heavily.

The meeting of the committee was held under the chairmanship of Senator Saleem Mandviwalla.

Speaking on the occasion, Governor State Bank of Pakistan (SBP) Jameel Ahmed said that when the commercial banks faced a shortage of dollars they started charging extra dollars on payments of LCs.

He said that the central bank had thoroughly investigated the matter.

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Robust activity lets PSX climb above 115,000 level again.

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On Friday, the Pakistan Stock Exchange (PSX) resumed its upward trend, crossing 115,000 points once more.

The PSX had strong action in the morning session, as the KSE-100 index increased by 1,000 points to 115,138.

The notoriously volatile PSX closed Thursday at 114,037 points, up 594 points.

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Meanwhile, in the interbank market this morning, the US dollar fell 7 paisas to Rs278.65 against the Pakistani rupee.

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SBP will announce monetary policy on January 27.

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The State Bank of Pakistan (SBP) will release its monetary policy on Monday.

The Monetary Policy Committee (MPC) of the SBP will convene on the first day of the following week to make decisions on monetary policy.

The Monetary Policy decision will be announced by Governor SBP Jameel Ahmad at a news conference on the same day after the MPC meeting, according to an official release.

In December, the central bank reduced policy rates by 200 basis points (bps) to 13 percent.

“In November 2024, headline inflation fell to 4.9 percent year on year, meeting the MPC’s estimates. This decrease was mostly caused by the ongoing decline in food inflation and the phasing out of the impact of the gas tariff increase in November 2023,” SBP stated in an official release.

“However, the Committee noted that core inflation, at 9.7 percent, is proving to be sticky, while consumer and business inflation expectations remain volatile.” To that end, the Committee restated its previous assessment that inflation may remain volatile in the short term before stabilizing within the target range.

“At the same time, growth prospects have slightly improved, as evidenced by a recent increase in high-frequency indicators of economic activity.” Overall, the Committee concluded that its approach of gradual policy rate decreases is keeping inflationary and external account pressures under control while promoting long-term economic growth.

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Finance Minister Meets With World Leaders at World Economic Forum in Davos

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3 days ago

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During his attendance at the World Economic Forum in Davos, Switzerland, Finance Minister Muhammad Aurangzeb has met with officials of organisations and leaders of many nations.
Bangladesh’s Chief Advisor, Muhammad Younas, met with Mohammad Aurangzeb.
On the fringes of the World Economic Forum’s Annual Meeting 2025 Opening Banquet, there was an informal meeting.
Additionally, the Finance Minister met with Anwar Ibrahim, the Prime Minister of Malaysia.
Both leaders discussed economic cooperation and bilateral ties.
Muhammad Aurangzeb also had a meeting with Dp World’s Rizwan Soomro and Yuvraj Narayan.
They talked about how to strengthen Pakistan’s logistics and infrastructure systems to support trade.
“The Pakistani government is committed to advancing joint projects and values partnerships in both business-to-business and business-to-government cooperation,” the finance minister added.

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