Unauthorized foreign exchange activities: SBP launches the “Whistle Blowing Forum” – Business & Finance

KARACHI: The State Bank of Pakistan (SBP) on Friday launched the Whistle Blowing Forum for the identification of foreign exchange activities not authorized by the public.

In order to promote an environment of accountability and integrity, the SBP has introduced a dedicated email address, namely ([email protected]), allowing the general public to report unauthorized foreign exchange activity to SBP. This email may also be used to report any unauthorized activity performed by a currency exchange company or where the currency exchange company does not provide a system generated receipt of the currency exchange transaction.

When reporting unauthorized exchange activity, the complainant should provide facts and as much specific information and detail as possible to thoroughly investigate the matter. They must also refrain from spreading rumours, speculation, false and frivolous allegations/accusations. Disclosure of identity for use of this forum is voluntary; however, if shared, the identity will remain confidential. The general public is encouraged to exercise good judgment in reporting incidents.

Also, if someone is facing a problem in their dealings with exchange companies, they can share the concerns to [email protected] Examples of such issues may include, but are not limited to, sale/purchase of foreign currency notes by exchange companies issuing receipts that are not generated by the system, charging a rate of exorbitant exchange compared to those displayed on the bulletin board, refusal of genuine customer requests for the supply of foreign currency, etc.

Foreign exchange trading in Pakistan is regulated by the State Bank of Pakistan (SBP) under the Foreign Exchange Regulation Act 1947.

Under the above-mentioned law, the SBP has authorized 26 class “A” foreign exchange companies and 20 class “B” foreign exchange companies to engage in foreign exchange transactions, including the sale and purchase of currency notes.

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