State Bank of Pakistan (SBP) Governor Dr Shamshad Akhtar on Thursday communicated to the staff the revised organisational structure of the Bank. The re-organisation of the State Bank was finalised after comprehensive review and deliberations across the organisation at different levels, including the corporate management team and the heads of departments.
This re-organisation plan has been introduced in order to strengthen SBP's internal governance systems and restructure and modernise itself in line with the best practices of other central banks and in the light of the developments that had taken place across Pakistan's financial markets.
The main feature of restructuring involves setting up of the following four distinct clusters in the State Bank:
(1) Banking Cluster;
(2) Monetary Policy and Research Cluster (MPR Cluster);
(3) Financial Markets and Reserve Management Cluster (FMR Cluster), and
(4) Corporate Services Cluster (CS Cluster).
Each of the four clusters will be headed by a deputy governor or an executive director. The banking cluster has been restructured to assign high priority and focus on:
(i) Development Finance Group (DFG) with enhanced focus on creating enabling environment to facilitate intermediation of market based/high priority credit and help develop capacities to better understand the new niche areas such as infrastructure, housing finance, Islamic banking, SME, and micro-finance.
(ii) Banking Policy and Regulation Group (BPRG), which, besides developing policy and regulation and performing licensing function, will be responsible for resolution of problems of banks, promoting good corporate governance, and facilitating to strengthen the risk management, including compliance with Basle-II.
(iii) Banking Supervision Group (BSG) will be the in-charge of the on-site inspection of banks as well as resultant enforcement actions.
The Monetary Policy and Research Cluster has been restructured to strengthen, rationalise and streamline its role through separate departments of (a) Monetary Policy Department, (b) Economic Analysis Department, (c) Research Department, and (d) Statistics & Data Warehouse Department.
A Financial Markets and Reserve Management Cluster has been set up to separately manage the (a) Domestic Markets and Monetary Management, (b) International Markets and Investments, (c) Financial Market Strategy and Conduct and Exchange Policy.
All corporate functions such as human resources, training, information system, settlement (back office), finance, library and museum and art gallery have been grouped under the Corporate Services Cluster.
In addition to the four clusters, the following offices have been set up under the direct supervision of the SBP governor:
1. Office of Corporate Secretary;
2. Strategic & Corporate Planning;
3. External Relations;
4. General Counsel's Office;
5. Risk Management;
6. Internal Audit & Compliance, and
7. Governor's Secretariat.
Additionally, the following management committees have also been set up:
1. Monetary Policy Committee;
2. Enterprise Risk Management Committee;
3. Investment Committee;
4. Human Resource & Corporate Strategy Committee;
5. Procurement Committee.
A committee co-headed by the corporate secretary and the director, human resources department has been constituted with the mandate to recommend resolution of issues arising as a result of the implementation of the reorganisation plan of the State Bank.
The role and interface of the SBP and its subsidiaries will also be redefined to create greater organisational synergy and ensure management of their affairs in a more cohesive and transparent manner.
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