SBP, PBA re­vises cur­rency man­age­ment strat­egy

The Pak Banker - - FRONT PAGE - Staff Reporter

State Bank of Pak­istan (SBP) and rep­re­sen­ta­tive of Pak­istan Bank­ing As­so­ci­a­tion (PBA) have made amend­ments on im­ple­men­ta­tion of the cur­rency man­age­ment strat­egy. Ac­cord­ingly, the strat­egy shall be im­ple­mented in the fol­low­ing two phases to be com­pleted by 2 Jan­uary 2017 whereas the phaseII to be com­pleted by 2 Jan­uary, 2018. The strat­egy shall be im­ple­mented in all branches of banks in 30 big Dis­tricts/Cities based on pres­ence of SBP-BSC of­fice, num­ber of bank branches and de­posit size. The re­quire­ment of dis­burs­ing ma­chine au­then­ti­cated cash shall be ap­pli­ca­ble on ban­knote de­nom­i­na­tions of Rs 500 and above.

SBP and PBA de­cided that strat­egy to be im­ple­mented across the coun­try for all de­nom­i­na­tions of ban­knotes. For the CPCs to be es­tab­lished in ex­ist­ing branches, the banks may use ex­ist­ing vaults of the branches for stor­ing CPC cash, pro­vided the vaults meet the con­trol re­quire­ments. SBP shall fa­cil­i­tate banks in as­sess­ing the ca­pa­bil­ity of ma­chines to sort and au­then­ti­cate cash as per stan­dards.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.