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State Bank of Pakistan

The State Bank of Pakistan is the central bank of Pakistan. While its constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until January 1, 1974, when the bank was nationalized, the scope of its functions was considerably enlarged.

 

Customer service: (021) 111 727 273
Reserve: 12.76 billion USD (28 February 2020)
Headquarters: Karachi
President: Reza Baqir
Founded: July 1, 1948
Subsidiaries: National Bank of Pakistan,

The State Bank of Pakistan looks into many ranges of banking to deal with changes in the economic climate and different purchasing and buying powers. Here are some of the banking areas that the bank looks into:

  • State Bank’s Shariah Board approves essentials and model agreements for Islamic modes of financing
  • Procedure for submitting claims with SBP in respect of unclaimed deposits surrendered by banks/DFIs
  • Banking sector supervision in Pakistan
  • Microfinance
  • Small and medium enterprises (SMEs)
  • Minimum capital requirements for Banks
  • Remittance facilities in Pakistan
  • Opening of foreign currency accounts with banks in Pakistan under new scheme
  • Handbook of corporate governance
  • Guidelines on risk management
  • Guidelines on commercial paper
  • Guidelines on securitization
  • SBP Scheme for agricultural financing

Bank assets and liabilities

This is a chart of trend of major assets and liabilities reported by scheduled commercial banks to the State Bank of Pakistan with figures in millions of Pakistani rupees.

Year Deposits Advances Investments
2002 1,466,019 932,059 559,542
2006 2,806,645 2,189,368 799,285
  • Legal services
  • Library
  • Payment system
  • Real time gross settlement system (RTGS system)
  • Small and medium enterprises
  • Training and Development Department (TDD)
  • Treasury operations
  • Strategic and corporate planning
  • Microfinance
  • Pakistan remittance initiative
  • Remittances
  • Information Systems and Technology Department
  • Risk Management Department

Board of Directors

The Board (previously known as the Central Board) consists of ten members: the Governor (who is Chairman), the Secretary, Finance Division, Government of Pakistan – and eight Directors, including one Director from each Province, to be nominated by the Federal Government. The Directors (and the Governor) are appointed for a term of three years. Traditionally, these directors (other than Secretary, Finance Division) are re-appointed for a second term, though this is not a requirement of the law, and there have been a few exceptions to this practice.

The current Board of Directors consists of the following (there being two vacancies):

  • Reza Baqir (Governor SBP)
  • Arif Ahmed Khan (Secretary Finance)
  • Tariq Hassan
  • Hafiz Mohammad Yousaf
  • Zubyr Soomro
  • Khawaja Iqbal Hassan
  • Ardeshir Khursheed Marker
  • Bairum Khan
  • Sarmad Amin