PR No. 151 SBP MEETING Islamabad

Senator Muhammad Ishaq Dar, Federal Minister for Finance held a meeting with the Governor, State Bank of Pakistan (SBP) at the Governor House, Karachi Monday morning. Deputy Governors of SBP and other senior officials participated in the meeting.

During the meeting the performance and achievement of the targets set under the IMF program were discussed in detail in connection with the forthcoming 12th IMF Review Meeting. The Governor SBP briefed the Minister about various targets related to the SBP such as Net International Reserves, and Net Domestic Assets.

Governor SBP also updated the Minister on the role of banks in implementation of AML laws and reporting mechanism. The role of Financial Monitoring Unit, in this regard was also discussed in detail. The Finance Minister emphasized that SBP, SECP, and FBR should adhere to internationally recognized monitoring and enforcement standards and practices to apprehend malpractices in the country.  He emphasized upon updating laws, if required, to eradicate undesirable practices. He said that best possible coordination among all the relevant authorities should be ensured to effectively combat financing of terrorism activities. He said that we must all ensure compliance with FATF rules, so as to maintain our position as a responsible nation in the international community.