SBP Introduces Whistle Blow Policy for Illegal Activities of Foreign Exchange Companies

SBP Introduces Whistle Blow Policy: State Bank of Pakistan is continuously addressing the issue of disturbance in foreign exchange rates.

SBP observes that most of the foreign exchange companies are involved in illegal activities which cause speculation in the foreign exchange market and eventually result in the rise of dollar prices.

In an effort to curb the illegal activities of foreign exchange companies, SBP now introduces a dedicated email address (WhistleBlowing.FX@sbp.org.pk) where individuals can report the illegal activities of foreign exchange companies.

This way of encouraging people to participate in keeping an eye on Foreign Exchange companies’ operations will certainly help to keep such companies under law.

People will use this whistle-blow method to report illegal activities by Foreign Exchange companies. Like if a customer visits a foreign exchange company and exchanges Pak Rupee with some dollars but do not get an electronic receipt then this customer can use the above-given e-mail address to report SBP regarding this activity of the foreign exchange company as a whistleblower.

Any such individuals who go for whistle-blowing against foreign exchange companies must provide accurate information with his/her personal experience and market speculation or rumors must not be the source of information that could be misleading and fake.

The citizens using this forum may show their identity which as per SBP to keep secret and will not disclose or the citizens may keep their identity private and not need to share their identity.

customers of foreign exchange companies may also report their grievances to the State bank through facilitation.fx@sbp.org.pk.

Customer complaints may include the refusal of foreign currency available to the customers by the foreign exchange companies, charging heavy exchange rates, and not providing electronic receipts for the transactions.

The State bank of Pakistan acts as a regulatory body for foreign exchange companies and maintains a check and balance to restrict them to follow the terms and conditions of the State bank of Pakistan.

Also Read: Future of Interest-Based Banking System in Pakistan After Islamic Banking Implementation

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