SBP Selects 11 Banks for FX Portal
The names of the banks are:
Allied Bank Ltd.
MCB Bank Ltd.
The Bank of Punjab
The SBP has launched the FX Regulatory Approval System (RAS) for end-to-end digitalization of the Foreign Exchange (FX) related case submission processes.
The objective of this initiative is to provide both individuals and the business community a fully-digitized platform to approach banks for their FX-related requests.
The initiative will transform FX operations by replacing paper-based requests with electronic submissions, which is both efficient and cost-effective.
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The central bank has developed this online platform under the umbrella of its ‘Knowledge Management System’ to digitize its decision-making processes. The system will eliminate the inherent problems related to the paper-based processes and will ensure the timely delivery of its services to stakeholders.