SBP in the news - September 2012
(Source: Business Recorder)

News Heading

 OMOs/reverse repo facility: no ''held to maturity'' securities for borrowing: SBP

 Exchange companies warned against obstructing SBP inspection teams

 Monetary policy on October 5

 Rs 500 old banknotes: SBP asks banks to facilitate public

 Last week for exchange of old banknote of Rs 500

 July-August FDI down 68 percent

 SBP to provide clearer picture of FDI

 Ali Enterprises: SBP asks banks to block accounts of owners

 SBP chief sees huge potential in global remittance market

 Rs 500 banknotes legal tender till October 1

 Branchless banking shows impressive fourth quarter growth: SBP

 Export finance scheme: SBP slashes refinance rate by 150 basis points

 Currency swap arrangement with Turkey becomes operational

 SBP enhances coverage, quality of external debt statistics

 SBP tightens rules for Exchange Companies network expansion

News Details
OMOs/reverse repo facility: no ''held to maturity'' securities for borrowing: SBP
(September 29th, 2012): The State Bank of Pakistan has decided to prohibit all banks from using the securities classified under ''held to maturity'' category for borrowing from SBP in Open Market Operations/reverse repo facility with effect from 19th October, 2012.

Exchange companies warned against obstructing SBP inspection teams
(September 29th, 2012): The State Bank of Pakistan (SBP) has warned all the Exchange companies ('A' & 'B' category) that it will take punitive action against them if they are found deliberately obstructing SBP's inspection teams in performance of their duties.

Monetary policy on October 5
(September 28th, 2012): The State Bank of Pakistan (SBP) will announce monetary policy on October 5. The central bank's board is going to meet on next Friday to deliberate on the economic issues and finalise the policy for the next two months. SBP's board of directors will take a decision on the interest rate. Syed Wasimuddin, chief spokesman SBP, has also confirmed that monetary policy will be released on October 5, 2012 for the next two months.

Rs 500 old banknotes: SBP asks banks to facilitate public
(September 27th, 2012): The State Bank of Pakistan (SBP) has once again asked all banks operating in the country to issue necessary instructions to their branches to facilitate general public in exchanging Rs 500 old design & bigger size banknote. The last date for exchanging this banknote from the field offices of SBP Banking Services Corporation (SBP BSC) and branches of all banks is October 1, 2012 (till banking hours).

Last week for exchange of old banknote of Rs 500
(September 25th, 2012): Seven days are left for exchanging old design and bigger size banknote of Rs 500 denomination from the field offices of SBP Banking Services Corporation (SBP BSC) and branches of all banks. The State Bank of Pakistan and SBP BSC will neither exchange nor be liable to pay any value of such banknote to any person or a bank after October 1, 2012.

July-August FDI down 68 percent
(September 21st, 2012): The Foreign Direct Investment (FDI) fell by 68 percent during the first two months (July-August) of current fiscal year owing to unavailability of infrastructure, energy crisis and adverse law and order situation. The State Bank of Pakistan on Thursday revealed that net foreign investment, comprising foreign direct investment and portfolio investment, rose by 52 percent during July-August of fiscal year 2012-13 (FY13).

SBP to provide clearer picture of FDI
(September 21st, 2012): The State Bank of Pakistan (SBP) has decided to disseminate monthly statistics of Foreign Direct Investment (FDI) both on "inflows" and "outflows" basis in order to provide a clear picture of foreign investment in the country. Earlier, the SBP used to disseminate monthly FDI statistics on a net basis.

Ali Enterprises: SBP asks banks to block accounts of owners
(September 18th, 2012): The State Bank of Pakistan (SBP) has directed banks to freeze all account of the owners of Ali Enterprises, the factory where over 260 workers burnt in a fire incident. Sources said SBP on Monday evening issued directives to all banks for blockage of accounts of Ali Enterprises'' owners after receiving court orders. On Saturday, police requested SBP for account seizure, however the regulator refused to block the account and asked for a court order.

SBP chief sees huge potential in global remittance market
(September 15th, 2012): Governor of State Bank of Pakistan (SBP) Yaseen Anwar on Friday said that there exists a huge potential in the global remittance market for Pakistan. Speaking on the occasion of an award distribution ceremony held in recognition of bankers' services in facilitating home remittances by Pakistan Remittance Initiative (PRI) in Karachi, he said that it was quite satisfactory to note that banks had started to improve their infrastructure and related systems with a view to offering better remittance services to their customers.

Rs 500 banknotes legal tender till October 1
(September 13th, 2012): Twenty days are left for exchanging old design and bigger size banknote of Rs 500 denomination from the field offices of SBP Banking Services Corporation (SBP BSC) and branches of all banks. The State Bank of Pakistan and SBP BSC will neither exchange nor be liable to pay any value of such banknote to any person or a bank after October 1, 2012.

Branchless banking shows impressive fourth quarter growth: SBP
(September 12th, 2012): Branchless banking has witnessed an impressive growth during the fourth quarter (April-June 2012) as the number of mobile banking accounts touched 1.45 million mark, depicting a remarkable growth of 37 percent. According to SBP's 'Branchless Banking Newsletter', issued on Tuesday, the accounts' activity level has also improved considerably during the quarter under review as the number of active accounts increased by 66 percent.

Export finance scheme: SBP slashes refinance rate by 150 basis points
(September 11th, 2012): In order to facilitate the industry, the State Bank of Pakistan (SBP) has announced a reduction in the refinance rate under the Export Finance Scheme (EFS) and the service charges under the Long Term Financing Facility (LTFF) and the Scheme for Financing Power Plants Using Renewable Energy by 150 basis points or 1.5 percentage points with immediate effect.

Currency swap arrangement with Turkey becomes operational
(September 5th, 2012): The three-year bilateral Currency Swap Arrangement (CSA) between the State Bank of Pakistan (SBP) and the Central Bank of Republic of Turkey (CBRT) amounting to $1 billion in equivalent local currencies is being implemented from Tuesday and SBP has issued necessary instructions to banks for its implementation after due consultations with various stakeholders and completion of operational formalities with CBRT.

SBP enhances coverage, quality of external debt statistics
(September 4th, 2012): The State Bank of Pakistan (SBP) has enhanced the coverage and quality of external debt statistics by adopting guidelines on Special Data Dissemination Standard (SDDS) of the International Monetary Fund (IMF). The compilation of existing country specific table of external debt stock available at SBP website has accordingly been revisited and aligned with the International Investment Position (IIP) statement and international guidelines.

SBP tightens rules for Exchange Companies network expansion
(September 4th, 2012): The State Bank of Pakistan is seeking undertaking of disqualification from Exchange Companies for issuance of new franchise permissions with a view to tightening the rules and regulations for network expansion. "Exchanges company would be liable to compensate for any loss/damages caused to any person or party as consequence of companies relations with said entity," according to the proposed undertaking form.

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