Standing Committee Meeting of Finance & Revenue briefing at SBP and NBP

F.P. Report

KARACHI: Standing Committee Meeting of Finance & Revenue briefing at State Bank of Pakistan (SBP) and National Bank of Pakistan (NBP) Karachi on 11 January 2023.

The standing committee raised two main issues with SBP. First one is related to opening of LCs issue, second is related to two different dollar rates prevalent in market where the banks are huge profits.

SBP Governor assured them that the measure to give private banks the power to deal independently with LCs was purely to ease the business community and to speed up the process. The Committee mentioned that instead of easing it has started creating hurdles in import of necessities. The SBP Governor said they are working on the system and will provide a more feasible and people friendly policy in terms of LCs. Further, SBP Governor assured full cooperation with KCCI and FPCCI by having a detailed meeting with them and will work with mutual cooperation.

The committee was briefed by NBP on their profitability and how it is very competitive in comparison with its peers in the industry. The committee pointed out certain issues which the NBP management agreed upon will be taken care of by next meeting.