State Bank of Pakistan (SBP) introduced, on Friday, a ‘Whistle Blowing Forum’ for the identification of unauthorised foreign exchange activities for promoting an environment of accountability and integrity.
The SBP said in a statement that the general public may utilize the specific email address WhistleBlowing.FX@sbp.org.pk to report any unauthorized foreign exchange activities to the SBP. Additionally, if any exchange company failed to provide a system-generated certificate for the currency exchange transaction, it may be reported via email.
The central bank urged the public to be judicious in reporting any unauthorized foreign exchange activity and provide facts and as much specific information and particulars as possible to examine the matter thoroughly.
“They are also expected to refrain from rumor-mongering, speculation, false and frivolous allegations or accusations,” the SBP spokesperson said adding that the identity of the complainant would be kept confidential however the disclosure of identity for utilizing the forum was voluntary.
The SBP also introduced another email address, facilitation.fx@sbp.org.pk, to receive public complaints if anyone encountered any difficulties when dealing with exchange companies, such as the sale or purchase of foreign currency notes by ECs, the issuance of receipts that are not system generated, the charging of exorbitantly high exchange rates over those displayed on the notice board, the denial of genuine requests from customers for the provision of foreign currencies, etc.
The SBP regulates foreign exchange business in the country under Foreign Exchange Regulation Act, 1947, and under the Act central bank has authorized twenty-six exchange companies of the “A” category and twenty exchange companies of the “B” category to deal with in foreign exchange business including sale purchase of foreign currency notes.
