SBP to open branch in GB

GILGIT (September 27, 2010) : The State Bank of Pakistan (SBP) is going to establish its unit in Gilgit-Baltistan (GB) to regularise the government transactions and monitor financing. A Finance Department official told APP on Sunday that the State Bank had approached the government of GB to set up its branch in the area and for the purpose experts were tasked to carry out the feasibility report.

Official sources said the feasibility, so far, could not be done as the Karakorum Highway remained blocked for a long period as weather was inclement and flights could not be operated.

“We got a letter from the bank inscribed with same reasons,” he added. He said the branch would govern the GB Council account as well as GB’s consolidated Fund.

Source: Business Recorder

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One Comment

  1. A good initiative is going to be taken by the Central bank.
    As mentioned above the bank will govern the GB council accounts as well as its consolidated funds. I think these checks and balances upon the financial departments of GB administration will somehow increase the efficiency of the said departments. A better planning from the SBP side will eventually lead the GB administration to spend these funds properly and transparently.

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