MULTAN, Oct 16th: Mian Fazal Elahi Sheikh, Former President of Multan Chamber of Commerce & Industry (MCCI) took part in SBP FX Regulatory Approval System (RAS) launching ceremony for the end-to-end digitization of the foreign exchange submission process in Karachi. Mian Fazal Elahi Sheikh ,on the occasion, shared his vision on the currency front, emphasizing that SBP has taken several steps to further liberalize currency controls. This has expanded the delegation of FX-related requests to banks.He also shared with the media that it is a good and far-reaching step that SBP has developed this online platform under the umbrella of its ‘Knowledge Management System’ to address this issue, remove inherent problems related to paper-based processes, and ensure the delivery of services to stakeholders. He said that the aim of the RAS initiative is to provide a fully digitalized platform to our business community and individuals to approach banks for their currency-related requests. He mentioned that the digital digitization of the process through the portals of the commercial banks will enable customers to submit their FX-related requests from where they are comfortable, thus saving their valuable time that they previously spent on spent the paper-based processes, save. Mian Fazal Elahi invited Governor State Bank of Pakistan Reza Baqir to visit Multan Chamber. Upon this he assured that he would soon visit Multan Chamber along with Deputy Governor Jamil Ahmed, Managing Director Ashraf Khan, and Executive Director Samar Abbas.He appreciates the work of SBP officials as well as bank presidents and officials to enable this digitization, as well as several other recent SBP schemes to support the economy during COVID-19
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