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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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Pakistan Desires a Sturdy, Long-Term Alliance With Huawei: PM

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22 hours ago

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According to Prime Minister Muhammad Shehbaz Sharif, the government’s primary objective is to give Pakistani youth technical training in the field of information technology.

The prime minister expressed his desire for a strong and long-term collaboration with Huawei in an interview with a five-member delegation that visited him in Islamabad and was led by Huawei CEO Ethan Sun.

He said the Huawei’s ICT training program will not only increase it exports but will also help youth in getting job opportunities.

The meeting was briefed on the progress made in providing training in the it sector to 300,000 pakistani youth organized by Huawei.

Out of 300,000 youth, 240,000 youth will be provided basic training while 60,000 youth will be provided high-tech training.

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The IMF allows Pakistan to lower electricity tariffs.\

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22 hours ago

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The International Monetary Fund (IMF) has permitted the Pakistani government to decrease the energy cost by one rupee.

The alleviation will be incorporated into the base tariff for electrical units, with funding sourced from revenue collected by the levy on captive power plants. A tax has been enacted on the utilization of gas by captive power plants.

The government is developing a relief plan for electricity consumers, which will be announced upon clearance from the international lender.

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Business

Robust purchasing sustains PSX’s positive trend

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22 hours ago

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On Thursday, bullish momentum continued in the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 index reaching 118,806 after an increase of over 300 points.

Across the board buying was observed in key sectors, including commercial banks, fertiliser, power generation, and oil and gas exploration companies.

Aside from that, index-heavy equities such as MARI, POL, HBL, MCB, UBL, KOHC, and LUCK experienced gains, capitalizing on the prevailing bullish atmosphere in the market.

Market analysts attribute the recent bullish trend in the PSX to a staff-level agreement between the International Monetary Fund (IMF) and Pakistani authorities following the initial review under Pakistan’s Extended Fund Facility (EFF) and a new arrangement under the Resilience and Sustainability Facility (RSF).

Furthermore, a recent study done by the Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) regarding the feasibility of the Reko Diq project in Balochistan has also conveyed favorable indications to investors.

The bulls surged rapidly after the staff-level deal with the global lender, with the KSE-100 Index reaching a peak of 118,220 before closing at 117,178 points, reflecting an advance of 1,139 points on Wednesday.

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