SBP, PBA revises currency management strategy
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.