State Bank quells rumors, banking system of Pakistan is stable

Monday, November 24th, 2014 2:42:10 by

KARACHI: Since the imposition of moratorium on KASB Bank Ltd, rumors are being spread that the financial condition of some banks is weak and they may also face supervisory action.These are also being accompanied with misleading information attributed to State Bank of Pakistan (SBP). The SBP has taken strong notice of such misinformation and has clarified that no such information has been circulated through media nor it has been placed on SBP's website, said SBP statement here on Monday.SBP has emphasized that the public need not to pay attention to such rumors, which are trying to undermine the overall stability and performance of the banking system in the country. The SBP reassures the general public that country's banking sector is stable and strong. To strengthen the banking system, the SBP had set certain milestones for enhancing banks' capital base, which are being achieved satisfactorily. SBP is regularly engaged with banks for capital improvement. Consequently, equity base of the banking system has increased by 11 percent to above Rs. 1,000 billion in Sept. 2014 from Rs. 900 billion in Sept. 2013.It is reiterated that the banking sector's performance has been quite impressive. As already reported in the quarterly banking system statistics…
Karachi News Sources

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