The State Bank of Pakistan (SBP) has requested currency dealers to submit the position of their old foreign currency (FC) accounts on the revised format to the central bank by the seventh of every month. According to an SBP circular, the regulator’s new directives would take effect from next month, June 2011. The circular said the State Bank had amended some variables of the existing format of Statement-I to facilitate the banks as well as reducing the reporting burden. “Some variables of the existing format of Statement-I (circulated through above circular letter) have been deleted and a revised format of statement has been developed,” the circular said. The revised format requires authorised currency dealers to submit a monthly statement of their old foreign currency accounts in the US Dollar, Euro, British Pound Sterling and Japanese Yen.
