"Woolmer was asked to give his comments and he told the PCB he was quoted out of context. So the matter looks to be over," PCB spokesman Abbas Zaidi said from Islamabad.
The International Cricket Council (ICC) earlier this month said Woolmer was being reported for comments made about the umpires after the tri-series One-day finals in Australia.
"It went 29-5 against us," Woolmer was quoted as saying by the Brisbane Courier-Mail, in an apparent reference to the umpiring decisions after Pakistan lost both the tri-series finals against Australia.
The comments were deemed to be a violation of the ICC code of conduct, which deals with "public criticism of, or inappropriate comment on a match-related incident or match official".
The ICC had said the matter would be dealt with by the PCB.
"I have great respect for the umpires. It's a difficult job they do and at no stage have I criticised the umpires," Woolmer said.
Woolmer, who played 19 Tests for England and also coached South Africa, took over as Pakistan coach in June last year.
He will be part of Pakistan's squad which departs for India on February 28 to play three Tests and six One-day games on Pakistan's first tour of India for six years.