|
In Pakistan, the central bank is state bank of Pakistan. State bank of Pakistan works under the rules and regulations of State bank Pakistan Act 1956 with some amendments. There are two major headquarters of State bank of Pakistan; one is located in the economical capital of Pakistan “Karachi” while another headquarter is in the capital of Pakistan “Islamabad”. State bank of Pakistan was established in 1948 and founded by the founder of Pakistan Muhammad Ali Jinnah. According to some amendments that were made in 1997, State bank of Pakistan holds the full authority to regulate and operate banking sector, to stricken the government from borrowing capital from state bank. State bank of Pakistan is responsible to operate and regulate the currency and credit system of Pakistan. State bank is responsible to operate following banking areas:
- Guidelines on risk managements
- Guidelines on commercial papers
- SBP Scheme for agriculture financing
- Handbook of corporate governance
- Opening of foreign currency accounts with banks in Pakistan under new scheme
- Minimum capital requirements for banks
- Micro finance
- Small medium enterprises
- Supervision for banking sector in Pakistan
- Islamic mode of financing: authorized by state bank
In 2005, Dr Shamshad Akhtar appointed as Governor of State bank followed by Dr. Ishrat Hussain. Shamshad Akhtar is a first lady in Pakistan that appointed as Governor of State bank.
|
