SBP Centralizes FCY Cross Border Payments

In order to bring cross border payments in line with international best practices, State Bank of Pakistan (SBP) has re-engineered its business process by centralizing all cross border payments, including above, at the Treasury Operations Department-SBP (TOD-SBP).

As per existing practice, the banks provide payment cases related to Asian Clearing Union (ACU), Cash Reserve Requirements (CRR) & Special Cash Reserve Requirements (SCRR) and Deposits/ Withdrawals from Local US Dollar Instrument Collection & Settlement; through State Bank of Pakistan, Banking Services Corporation, Karachi Office (SBP BSC – KO).

Hence, all banks/ Islamic banks are advised to please ensure compliance of following instructions with effect from 1st October, 2022.

1. All ACU payment cases / letters addressed to Chief Manager “ACU Section” SBP BSC-KO, shall now be submitted to Director, Treasury Operations Department (Director-TOD), SBP, Karachi as per formats attached at annexure ‘A’ & ‘B’.
   
2. All banks’ CRR & SCRR deposits & withdrawal cases / letters (FE25) addressed to Chief Manager “DAD Section” SBP BSC-KO shall now be submitted to Director-TOD as per formats attached at annexures ‘C’ & ‘D’.
   
3. All Local US Dollar deposits & withdrawals cases from Instrument Collection & Settlement (FE2) addressed to Chief Manager “DAD Section” SBP BSC-KO shall now be submitted to Director-TOD as per formats attached at annexures ‘E’ & ‘F’.
   
4. Any queries with regard to above payment cases shall now be submitted to Director-TOD for clarification, guidance and advice.
   
5. The contact details of TOD officers and Standard Settlement Instructions (SSIs) of SBP are attached at annexures ‘G’ & ‘H’ for ready reference.

Read more: Dollar Rate in Pakistan (Daily Updates).

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