SBP revises code list for reporting foreign currency accounts

KARACHI: The State Bank of Pakistan has revised the code list for reporting onshore and offshore special purpose foreign currency accounts and has asked banks to submit the reports as per the updated list, a circular said on Wednesday.

Every bank that maintains an offshore or onshore special purpose foreign currency account is required to email the monthly statement, as per statements A to E, to the Core Statistics Department (CSD), SBP by the fifth of the following month.

“For further classification of certain international transactions (like trade in services, debt amortization, trade credits, etc), the code list for statement A, pertaining to Special Purpose Foreign Currency Accounts (Onshore/ Offshore), has been revised and made available on Knowledge Centre of SBP Data Acquisition Portal (DAP),” the SBP said in the circular.

The SBP has instructed banks to submit reports on special purpose foreign currency accounts. These reports should be submitted through DAP using the revised code list for statement A and the existing format for statements B to E, instead of via email effective from July 2024 data.

The SBP has advised the reporting institutions to establish a system or process to verify and validate, before submitting to the CSD on the specified dates, that all data is prepared in accordance with the appropriate guidelines issued periodically. The SBP has warned that any incorrect reporting will result in punitive action under the relevant laws.