Currency Management, Forex Ops being relocated

Amanullah Khan

Karachi—Out of 11 departments of SBP Banking Services Corporation (SBP-BSC) five departments, dealing with currency management, government banking, internal audit, Foreign Exchange operations and implementation of DFG related policies are being partially relocated for greater operational efficiency and logistic ease.
The SBP has taken the initiative to improve organizational performance, enhance effectiveness of internal controls, ensure consistency in decisions and bring about efficiency in operations, the management of SBP BSC has decided to carry out some of its functions from Central and North Regions. However, the central bank has made it clear that that State Bank of Pakistan (SBP) will continue to function from Karachi and none of its department is being shifted to any other city.
It may be recalled that the SBP Banking Services Corporation (SBP-BSC) was established as a wholly owned subsidiary of State Bank of Pakistan in January, 2002, under the SBP Banking Services Corporation Ordinance 2001. As a subsidiary SBP (BSC) caters to primarily operational and logistic work and its functions are being managed through a network of 16 offices, spread across major cities, and Head office in Karachi.
The corporation has been entrusted with operational responsibilities related to currency distribution, Foreign Currency Operations, and Banker to the Governments, as also dissemination and implementation of policies on behalf of Development Finance Group (DFG) of SBP alongside provision of non-core services to SBP that include, Medical, Engineering and Security. An analysis of the existing work quantum of SBP (BSC) reflects that performance of SBP BSC at times is affected due to the fact that majority of its operations requiring immediate decision making by senior management are being performed at field offices located in Central and North Regions.

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