KARACHI, April 11: The State Bank of Pakistan has reduced the time span for sending details of foreign exchange transactions to 5 days from 10 days.

In a circular issued on Friday, the SBP said that with the considerable development in IT field over a period of time, it has become imperative to reduce the period of submission for the captioned data from 10 days to 5 days which will help in enhancing the efficiency of the of statistical information system and quick dissemination of the aggregate foreign exchange data.

Attention of authorised dealers is invited to Circular No. 23/FEP-14(22)-94 dated July 13, 1994, amended from time to time, in terms of which authorised dealers were advised to supply monthly foreign exchange data on revised schedule starting from July 2008 and onward by 5th of the following month to the reference month along with the basic documents of the transactions of value equivalent to one million US dollars and above.

Earlier, the authorised dealers were required to submit monthly data of foreign exchange transactions to Statistics and Data Warehouse Department (formerly Statistics Department) by the 10th of the following month.