KARACHI: The State Bank of Pakistan has directed banks dealing with foreign exchange to train their staff to understand the respective regulations.The SBP issued on Tuesday a circular asking for compliance of rule and regulations regarding the foreign exchange and correspondents with the central bank.

The State Bank observed that its previous instructions in this regard were not being followed in letter and spirit by the banks.

It has been noticed that queries and clarifications relating to various foreign exchange regulations are sought from and cases are forwarded to Exchange Policy Department directly either by field functionaries or different officers of the banks without in-depth study of the instructions and knowledge of the concerned Head of the Department or Group Head, said the circular.

“It may carefully be noted that the cases received without following the above procedure shall not be attended and shall be returned back in original to the respective banks,” said the circular.

Published in Dawn, September 3rd, 2014