In order to bring cross-border payments in line with international best practices, the State Bank of Pakistan (SBP) has re-engineered its business process by centralizing all cross 0order payments, including Asian Clearing Union (ACU) at the Treasury Operations Department-SBP (TOD-SBP).

The banking regulator also introduced reforms in Cash Reserve Requirements (CRR) & Special Cash Reserve Requirements (SCRR) and Deposits/ Withdrawals from Local US Dollar Instrument Collection & Settlement; through the State Bank of Pakistan, Banking Services Corporation, Karachi Office (SBP BSC – KO).

 All ACU payment cases/letters addressed to Chief Manager “ACU Section” SBP BSC-KO, shall now be submitted to Director, Treasury Operations Department (Director-TOD), SBP, Karachi as per formats.

All banks’ CRR & SCRR deposits & withdrawal cases/letters (FE25) addressed to Chief Manager “DAD Section” SBP BSC-KO shall now be submitted to Director-TOD.

All local US Dollar deposits & withdrawals cases from Instrument Collection & Settlement (FE2) addressed to Chief Manager “DAD Section” SBP BSC-KO shall now be submitted to Director-TOD.

Any queries with regard to the above payment cases shall now be submitted to Director-TOD for clarification, guidance, and advice.

SBP advised all banks/Islamic banks to ensure compliance with effect from 1st October 2022.

Source: Pro Pakistan