KARACHI, Jan 28: The State Bank of Pakistan (SBP) has merged monetary and fiscal research department (MFRD) and international economic research department (IERD) to create a new department called economic policy department. The new department has started working.

Sources close to SBP say the new department would continue to carry on regular research on monetary and fiscal issues as well as key economic issues of international importance. They say that economic policy department would also give its input in framing of SBP’s monetary policy.

The sources say the SBP has also renamed its general economic research department (GERD) as research department (RD). They say that the new department that has already started working would carry on regular activities including research related to Islamic economy.

Dr Aftab Nadeem, director, MFRD, has taken charge of economic policy department. Riaz Riazuddin, director, GERD, is heading research department.