KARACHI, Oct 10: The State Bank on Friday once again assured the general public that Pakistan’s banking system was stable and safe and shrugged off rumours against some foreign banks’ weaknesses.

“There should not be any cause of concern about the stability of the banking system,” said a statement issued by the SBP.

A SBP spokesman said all banks including Bank Al Falah and Standard Chartered Bank, operating in the country are performing well and enjoying good reputation amongst the general public.

The two banks are under the grip of rumours despite no apparent reason to assume that the banks are in trouble.

The SBP said such baseless rumours by some unscrupulous elements are an attempt to hurt the credibility of an otherwise sound and well-performing banks.

The spokesman asked the public not to pay any heed to rumour mongering being done by some unscrupulous elements for achieving their ulterior motives.

Bank Al Falah is the sixth largest bank in Pakistan and has a healthy balance sheet footing of Rs331 billion.

Operating with a share capital of around Rs8 billion, as against the minimum requirement of Rs4 billion, it has total equity of around Rs17 billion. The bank is well capitalised and its key performance indicators, including the solvency ratio reflect robust performance and sound financial condition.

Likewise the Standard Chartered Bank is also a healthy institution, the spokesman added.