SBP revises deadlines for banks to submit floating exchange rate data
The State Bank of Pakistan
(SBP) has announced revisions to the deadlines for banks to submit their
floating exchange rate data, with the aim of ensuring 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 promptly than previously mandated.
FBR
to impose penalties on banks for hiding account holder information
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 scheduled to
become even tighter from January 2025, with submissions due on the 1st working
day of the month.
The SBP underscores the importance of accuracy and compliance in the reporting process.
SBP
extends deadline for banks to implement IFRS 9
Banks are instructed to
thoroughly verify their data before submission to ensure it aligns with 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
ongoing efforts to enhance the efficiency and reliability of financial data
reporting within the country.
Source: Profit Pakistan