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SBP launches whistle-blowing forum to bust illegal money dealers

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2 years ago

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  • Illegal money-dealers be reported at whistleblowing.FX@sbp.org.pk.
  • Complaints be sent to SBP at facilitation.fx@sbp.org.pk.
  • Public at large asked to refrain from making false allegations.

KARACHI: The State Bank of Pakistan (SBP) has launched a whistle-blowing forum for the identification of foreign exchange companies operating illegally in the country to ensure accountability and integrity, it said in a statement.

“The public, at large, may use the dedicated email address: WhistleBlowing.FX@sbp.org.pk- to report to SBP any unauthorised foreign exchange activity, said a statement issued here,” the central bank announced.

“The email may also be used to report if any exchange company refrained from providing system-generated receipt of the currency exchange transaction.”

The central bank urged the public to be judicious in reporting any unauthorised 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 rumour mongering, speculation, false and frivolous allegations or accusations,” the SBP said adding that the identity of the complainant would be kept confidential however the disclosure of identity for utilising the forum was voluntary.

The SBP has also introduced another email address, facilitation.fx@sbp.org.pk, to receive public concerns if any person faced any issue in dealing with exchange companies including the sale/purchase of foreign currency notes by the money-changers, issuing receipts which are not system-generated, charging exorbitantly high exchange rate over those displayed on the notice board, denial of genuine requests of the customer 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 authorised twenty-six exchange companies of the “A” category and twenty exchange companies of the “B” category to deal in foreign exchange business including sale purchase of foreign currency notes.

Meanwhile, Minister of State for Finance Dr Ayesha Ghous Pasha on Friday warned the commercial bank of exemplary punishment for overcharging on Letters of Credit (LCs) payments.

Briefing the Senate Standing Committee on Finance and Revenue the minister of state said that the banks involved in such activities would be fined heavily.

The meeting of the committee was held under the chairmanship of Senator Saleem Mandviwalla.

Speaking on the occasion, Governor State Bank of Pakistan (SBP) Jameel Ahmed said that when the commercial banks faced a shortage of dollars they started charging extra dollars on payments of LCs.

He said that the central bank had thoroughly investigated the matter.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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