Functions of the Department:-

• Maintenance of books of accounts and preparation of financial statements of the Bank in accordance with the IAS, as adopted by the Bank..
• Coordination and facilitation for Business planning and budgeting function in the Bank and periodic reporting to the management and to the Board.
• Management of Federal, Provincial, and District Governments Accounts. Policy & operations related coordination with MOF, CBR, AGPR, and other Govt. agencies.
• Maintenance of foreign currency accounts/ investments and execution of International payments and receipts.
• Maintenance of accounts relating to International Organizations and Donor Agencies like IMF, IBRD, ADB, Asian Clearing Union (ACU) etc.
• Currency issuance and its overall management.
  

  Functions Performed By Divisions
  
  The Finance Department is responsible to perform and manage the functions detailed on pre-page. It controls the working of the Offices under the provisions of Issue and Banking Department Manuals. Issue Department deals with management of currency operations, which includes designing, printing of currency notes and its circulation. Banking Department relates to the operation of offices of the Bank, maintenance of Federal and Provincial Government Accounts, booking of financial transactions in the books of accounts of Central Directorate and issue of weekly Statement of Affairs as required under the provisions of SBP Act, 1956, preparation of Profit and Loss Account and Balance Sheet on yearly basis, formulation of budget estimates of revenue and capital expenditure. Management of General Provident Fund and Provident Fund balances of all employees of the Bank. Operational control of working of offices by framing policies and procedures under the provisions of Banking/Issue Department Manuals, Sale/ purchase of foreign currencies, maintenance of foreign reserves of the country. To achieve the above objectives, the Department has been divided into seven divisions as detailed below:

Financial Accounts Division (FAD)

Financial Accounts Division performs the following functions:

• Preparation of Annual Financial Statements Accounting Policies for the bank.
• Preparation of Weekly Statement of Affairs for issuance in the Government Gazette as
  Provided in the State Bank of Pakistan Act, 1956.
• Quarterly profit updates to the Central Board of Directors.
• Maintenance of GL to provide information for informed decision-making.
• Monitoring of contraction and expansion of Currency operations
• Consolidation of Departmental Budgets
• Maintenance of Federal & Provincial Government Account on the basis of receipt and
  payments effected at our Field Offices and National Bank of Pakistan.
• Preparation of daily balance position and communication thereof to the Federal Finance
  Division and Provincial Finance Departments.
• Creation or retirement of MTBs according to the “Daily Balance Position” of Federal Government.

Forex, Securities & Investment Division (FSID)

• Maintenance and recording of Cash Reserve Requirement, SCR Requirements, MCR, foreign debt payments, FE-2 deposits etc.
• FCY payments of Govt of Pakistan (Defense, Privatization Commission, TCP etc.) and SBP.
• Short/Medium term investment and Swap deposits and maintenance of Foreign Currency
  Accounts and revaluation of Foreign Currency Assets & Liabilities.
• Special US Dollar Government Bonds. Payment of Profit and principal payment on
  redemption.
• Purchase, repurchase, acquisition of SDR, and revaluation of IMF Loans/ facilities.
• Payments to executing agencies/ parties under various Loans/Grants of International Donor agencies viz. IBRD/ IDA/ ADB etc.
• Transactions of Sale/ Purchase of Currencies & Settlement of ACU Account under ACU Arrangement.
• Transactions of the Foreign Funded Projects including TABS etc.
• Central Bank Deposits; rollover; & remittances of the interest.
• SBP’s investment in share capital of the banks/DFIs.
• Monthly Abstract, Daily Reserves and Weekly review reporting.
  

Systems and Procedure Division (SPD)

Systems & Procedures Division (SPD) acts as a liaison between functional users & ISTD to ensure effective systems development, implementation, and usage. Major responsibilities are:

• Representation of Finance Department, SBP, in various automation projects under
  development / implementation (RTGS & Data Ware House).
• Recommend continuous business process refinement in coordination with business units of Finance Department SBP and SBP BSC.
• Participate in automated solutions development / configuration for SBP in financial areas
  
  Payment Controller Division (PCD)
  
  This Division is responsible for:
• Making of payments to external suppliers and employees of the Bank after independent verification of transaction documents on the basis of bills/ invoices/claims approved by the processing units.
• Checking and verifying the selected financial transactions/cases referred by the Director Finance to ensure accuracy and compliance to respective rules and regulations.

Asset Management Division (AMD)

Assets Management division is responsible for:

• Assets capitalization, assets transfers and overall responsibility to manage and maintain
  assets physical inventory, keeping track of physical location of assets.
• Maintaining the financial information of the assets, cost evaluation and retirements/
  disposal.
• To ensure the smooth and unhampered running of the Fixed Assets Management function.
• To record all the expenses regarding repair/ maintenance and rent taxes for SBP buildings and equipments.

Currency Management Division (CMD)

Currency Management Division is responsible for:

• Policy making and management of Currency related matters, which include designing,
  printing and issuance of Bank notes.
• Issuance of Statements of Affairs of Issue Department on Weekly, Monthly and Quarterly Basis.
• Preparation of Balance Sheet of Issue Department at every financial year-end.

Support Services Division

Support Services Division performs the function as follow:

• To deal with various administrative matters arising in the Finance Department
• To provide a healthy and sound environment to officers of Finance Department
• To respond to various queries raised from various internal and external sources
• Dissemination of any revision in laws, policy and regulation matters to relevant quarters