KARACHI: In order to maintain accountability and integrity, the State Bank of Pakistan (SBP) announced in a statement that it had established a whistle-blower forum for the discovery of foreign exchange businesses operating unlawfully in the nation.
The general public is encouraged to report any unauthorised foreign exchange activity to SBP via the designated email address WhistleBlowing.FX@sbp.org.pk, according to a statement released today, the central bank said.
The email can be used to report any exchange companies that failed to provide a system-generated receipt for the currency exchange transaction.
The public was advised by the central bank to report any unauthorised foreign exchange transactions wisely and with sufficient facts, details, and specificity to allow for a complete investigation.
The SBP stated that while the identity of the complaint would be kept anonymous, disclosing the identity in order to use the forum was voluntary. “They are also required to desist from rumour mongering, speculation, false and frivolous charges or accusations.”
The SBP has also added a new email address, facilitation.fx@sbp.org.pk, to receive public complaints if anyone encountered any difficulties dealing with exchange companies, such as the sale or purchase of foreign currency notes by money-changers, the issuance of receipts that are not system-generated, the charging of exorbitantly high exchange rates over those displayed on the notice board, the denial of genuine customer requests for the provision of foreign currencies, etc.
Under the Foreign Exchange Regulation Act of 1947, which is governed by the SBP, the sale and purchase of foreign currency notes is one of the activities that are regulated by the SBP. The central bank has granted authorization to 26 exchange companies of the “A” category and 20 exchange companies of the “B” category to conduct foreign exchange business.
In the meantime, Dr. Ayesha Ghous Pasha, Minister of State for Finance, on Friday threatened the commercial bank with exemplary punishment if it overcharged for Letters of Credit (LCs) payments.
The state minister explained the situation to the Senate Standing Committee on Finance and Revenue, stating that banks engaged in such operations would face severe fines.
Senator Saleem Mandviwalla served as chair of the committee throughout its meeting.
Governor of the State Bank of Pakistan (SBP), Jameel Ahmed, gave a speech at the event and stated that when private banks ran out of dollars, they started adding extra fees to LC payments.
He claimed that the central bank had conducted a comprehensive investigation.
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