KARACHI: State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Friday launched the SBP FX Regulatory Approval System (RAS) for end-to-end digitalization of submission processes in foreign exchange-related cases. Both the SBP governor and Adviser to the Prime Minister on Institutional Reforms and Austerity Dr Ishrat Husain gave speeches during the event. It will transform FX operations by replacing the paper-based requests with electronic submissions, which is not only efficient but also cost effective. He said that all FX related transactions create cross border monetary and reputational exposures for both the businesses and country and need to be well managed to avoid any unwarranted risks. SBP Governor Reza Baqir said that the bank has worked with various public and private sector entities to provide alternate delivery channels for payments.

Source: Pakistan Today October 16, 2020 18:11 UTC