SBP Boosts Tracking of Cross-Border Foreign Currency Payments With RAS Upgrade

The State Bank of Pakistan (SBP) has strengthened tracking of cross-border foreign currency payments via its Regulatory Approval System (RAS), the regulator said in a circular on Monday. To allow enhanced tracking of their cases, Banks will now be able to submit these cases through SBP’s Regulatory Approval System (RAS) as per the procedure described by the regulator. Banks up till now were submitting required documentation for the following listed FCY transactions pertaining to the SBP Treasury Department through the Data Access Portal (DAP): Now, banks will submit these cases through RAS. Banks are required to complete onboarding on RAS by 31st May 2024. Co-existence period of DAP and RAS for all the cases will be from 3rd June to 30th June 2024. During co-existence period, Banks are required to submit cases on both platforms, SBP added. Effective from 1st July 2024, Banks are advised to submit these cases only through RAS; and reporting through DAP will not be entertained from this date onwards. Banks are advised to ensure meticulous compliance of aforesaid instructions. All other instructions on the subject shall remain the same, the regulator added.