SBP es­tab­lishes FSD to main­tain fi­nan­cial sta­bil­ity

Pakistan Observer - - ECONOMY WATCH -

Cur­rency Sell­ing Buy­ing IS­LAM­ABAD—The State Bank of Pak­istan (SBP) has es­tab­lished and ac­ti­vated Spe­cial Depart­ment to main­tain the fi­nan­cial sta­bil­ity in the coun­try.

New depart­ment “Fi­nan­cial Sta­bil­ity Depart­ment” (FSD) would deal to the ex­pected threats to fi­nan­cial sta­bil­ity. An ex­pe­ri­enced and se­nior of­fi­cer of the SBP Muham­mad Javed Is­maeel has been ap­pointed as Di­rec­tor of the said depart­ment.

Sources said five sub de­part­ments; Cri­sis Man­age­ment Di­vi­sion, Fi­nan­cial Sta­bil­ity Sec­re­tar­iat, Sys­tem­atic Risk Mon­i­tor­ing Di­vi­sion, Fi­nan­cial Sta­bil­ity As­sess­ment Di­vi­sion and Macro-Pru­den­tial Sur­veil­lance Di­vi­sion will work un­der FSD. Fi­nan­cial Sta­bil­ity Depart­ment will chalk out strat­egy and sug­gest steps to im­ple­ment that strat­egy for tack­ling any ex­pected fi­nan­cial cri­sis in the coun­try.

This depart­ment will an­a­lyze and as­sess the de­vel­op­ments in In­ter­na­tional Fi­nan­cial Sys­tem to pro­tect the Pak­istan’s fi­nan­cial sys­tem from these changes. Un­der FSD sub de­part­ments will mon­i­tor the risk in fi­nan­cial in­sti­tu­tion of the coun­try if any and give sug­ges­tion to deal with this. FSD will also re­spon­si­ble to as­sess the fi­nan­cial sta­bil­ity to for­mu­late the poli­cies for the growth of fi­nan­cial sec­tor.

Chief Spokesperson of SBP Abid Qamer on con­tact has said that this depart­ment has been es­tab­lished af­ter the re­cent de­vel­op­ments in In­ter­na­tional Fi­nan­cial Sys­tem. He said that SBP is tak­ing steps to pro­tect our fi­nan­cial sys­tem from the changes and cri­sis in in­ter­na­tional fi­nan­cial sys­tem and es­tab­lish­ment of Fi­nan­cial Sta­bil­ity Depart­ment is also the part of those steps.

It is note wor­thy that bank­ing sec­tor of Pak­istan has per­formed pro­gres­sively. Profit af­ter tax for the year 2015 has reached to Rs.199 bil­lion, against Rs. 163 bil­lion for the year 2014.—SABAH

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