SBP establishes FSD to maintain financial stability
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