State Bank of Pakistan
Pakistan's central bank is State bank of Pakistan (SBP). It was founded in 1947; currently it is working under the rules and regulations of State Bank of Pakistan Act 1956. State bank has two principal offices in Pakistan one is located in Karachi and the other one is located in Islamabad. Muhammad Ali Jinnah was the founder of State Bank of Pakistan. Some amendments had done in the year 2007 according to these amendments State Bank of Pakistan has the full authority to regulate and operate the banking sector of Pakistan, it also has the right and authority to stricken the government of Pakistan from borrowing capital for different purposes from State Bank. State Bank of Pakistan also has authority to regulate and operate the credit system and currency of Pakistan. State Bank of Pakistan has authority to operate and regulate the following areas of banking sector:
- Guidelines on commercial papers
- Guidelines on risk management
- SBP scheme for agriculture financing
- Opening of foreign currency accounts with banks in Pakistan under new scheme
- Minimum capital requirements for banks
- Micro finance
- Handbook of corporate governance
- Small medium enterprises
- Supervision for banking sector in Pakistan
- Islamic mode of financing: authorized by state bank
In the year 2005, first time in the history of Pakistan. A lady appointed as a Governor of State Bank of Pakistan. Currently, the duties of the Governor are being performed by Syed Salim Raza.
