KARACHI: Digitalisation of foreign exchange has been expanded from 8 to 13 banks and majority of the banks will be managing 100pc FX operations digitally by June 2021. This was stated by State Bank of Pakistan’s Banking Services Corporation Managing Director Muhammad Ashraf Khan during his meeting with the Karachi Chamber of Commerce & Industry (KCCI) officials on Monday. He said the initiative to digitise foreign exchange operations was taken to create ease for the business community, as it would completely eradicate paperwork and expedite the overall process. In this regard, he particularly suggested establishing a Common Industrial Zone or Common Industrial Park near Pak-Iran border where all customs duties/ taxes should be kept at minimum level. This zone should be fully equipped with required infrastructure and it would attract a large number of industrialists to set up their units and warehouses in this particular zone.

Source: Pakistan Today February 22, 2021 16:35 UTC