KARACHI, Nov 10: The State Bank has renamed Exchange Policy Department of SBP Banking Services Corporation and the field offices at its various stations as Foreign Exchange Operations Department.

In a circular (FE no 19) issued here on Monday the State Bank advised all banks that all operational issues pertaining to the following areas should be referred to Foreign Exchange Operations Department of SBP Banking Services Corporation:

(i) export and import (ii) export outstanding/overdue (iii) export verification claims/performance (iv) commercial remittances (v) oil and shipping issues (vi) commission-related remittances (vii) private remittances (viii) submission of returns & statistical data (ix) money changers’ affairs (x) exchange allocations and releases; and (xi) all other operational matters.

The circular says that the Exchange Policy Department of State Bank will now primarily deal with the policy issues and not with the daily routine operations and reporting.

It advises the banks that in case of any inquiry regarding the policy and its interpretation the officials of Exchange Policy Department will be available while operational issues in their respective areas may be referred to the Foreign Exchange Operations Department of SBP BSC at its various field offices.