BRIEF OF THE WORKING OF THE
FINANCE DEPARTMENT SBP
of the Department:-
Coordination and facilitation in preparation, consolidation
of departmental budgets and periodic variances reporting to
the management and to the Board of Directors.
Processing the payments to external suppliers, and service providers
and employees of the Bank.
Management of Bank’s Fixed Assets Accounting function
including capitalization, transfers, physical inventory and
track of physical location.
Maintenance of financial information relating to fixed assets,
cost evaluation, and their retirements/disposal.
Accounts Division (FAD)
Preparation of Annual Financial Statements.
• 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.
Preparation of Monthly IMF Reserve Template.
Policy and Systems Division (FPSD)
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
etc.) and SBP.
Special US Dollar Government Bonds. Payment of Profit and principal
Central Bank Deposits; rollover; & remittances of the interest.
SBP’s investment in share capital of the banks/DFIs.
SBP Monthly Abstract of issue and banking department FCY accounts.
Weekly review of SBP nostro accounts reporting.
Forward Cover Contracts Transactions of rollover/ cancellations/
its Exchange Gain& LOSS / exchange Risk cover fee on daily
/revaluation weekly basis.
Swap and Cash FCY Notes Transactions of payment/ receipts/ imports/
shipments / counterfeit notes
Unclaimed deposits Transaction of receipts / refunded
Booking of Contraction & expansion of currency entries in
Booking of Shifting/ Processing /Renewal /Opening of Bank &
SBP’s Misc . FCY Payments.
Issuance of Indian Securities & Booking of its Revaluation
transactions on Yearly basis.
Hajj Transactions of receipts & Payments.
of entries related PIBs/ MTBs on fortnightly/ quarterly/ Yearly.
of nomination and performance review of Banks/DFIs in which
SBP investment has made.
and recording of dividend income on SBP investments.
& Procedures Unit (SPU) acts as a liaison between functional
users & ISTD to ensure effective systems development, implementation,
and usage. Major responsibilities are:
of Finance Department, SBP, in various automation projects under
development / implementation (Globus, Oracle ERP and Data Ware
continuous business process refinement in coordination with
business units of Finance Department SBP and SBP BSC.
in automated solutions development / configuration for SBP financial
Audits of State Bank of Pakistan (SBP), Banking Services Corporation
(BSC), Pakistan Remittance Initiative (PRI), Telegraphic Transfer
(T.T.) Charges etc. are undertaken by Auditor General of Pakistan
(Director General Commercial Audit and Evaluation of Pakistan,
Karachi) every year. Government and Internal Audit Coordination
Unit (GIACU) coordinates with Government / Commercial Audit
to facilitate the Audit Team. Unit also coordinates with replies
to DAC/PAC meetings regarding Audit Paras. Further, it also
coordinates Internal Audit of Finance Department. It deals with
the policy matters related to Zahid Hussain memorial scholarship,
management of Retired Employee Fund (MREF), Imprest Account,
and general public complains/suggestions related to Central
Directorate of National Saving.
4-Govt Accounts Division
To ensure effective, efficient and smooth transactions in Government
Accounts by devising sustained policies, and reporting to Government
To coordinate with SBP BSC to carry out Banking Businesses of
Federal and Provincial Governments.
To provide the support in Federal & Provincial Government’
To monitor receipts/payments in Government Accounts maintained
To coordinate in any other function for which SBP is obliged
to act as banker to the Government.
To liaison with IDAs and Ministries of Government of Pakistan
(MoF, EAD, etc) with reference to foreign funds under various
loans/grants from IDAs and arrange transfer of PKR counterpart
funds to Government/project authorities.
To deal with IMF Transactions of different types such as repurchase/purchase
(receipt/payments) of SDRs under Fund Facilities/Credit, Quarterly
Charges on i) use of Fund Credit ii) net cumulative allocation
iii) annual Assessment Charges, Interest earned on SDR Holdings
and Monthly Revaluation of IMF’s PKR balances.
To settle ACU Account on bi-monthly basis under ACU Arrangement
and reconcile ACU accounts.
To manage the financial and accounting matters relating to Foreign
To handling the matter of Demand Promissory Notes issued to
various international organizations and held by SBP as depository
on behalf of GoP.
To deal with various administrative matters of the Finance Department.
To provide a healthy and sound environment to officers of Finance
Policy making in and management of Currency related matter,
which include designing, printing and issuance of banknotes.
Preparation of weekly statement of affairs of Issue Department
for issuance in the Government Gazette as provided in the SBP
Payment of banknote printing charges to Pakistan Security Printing
Preparation of Balance Sheet of Issue Department at every financial
Preparation of Annual Indent of banknotes and coins.
Monitoring and coordination to curb counterfeiting of banknotes.