January 2, 2002	Wednesday	Shawwal 17, 1422

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KARACHI, Jan 1: The government has bifurcated the State Bank of Pakistan by amending the SBP Act. The SBP will continue to perform the core function, and the Services Corporation, which starts functioning on Wednesday, will perform public dealing functions. With an authorized capital of Rs1bn, it will be fully owned by the SBP.

The four core functions of the central bank, are (1) framing and operation of monetary policy, (2) regulation and supervision of banks and financial institutions, (3) foreign exchange management and (4) settlement of payments and accounts.