Bank of Punjab president shown the door


ISLAMABAD: The State Bank of Pakistan (SBP) on Wednesday removed the Bank of Punjab (BOP) President Talib Rizvi.

The central bank, in a statement issued here, said that Rizvi was not “fit and proper” to hold the portfolio any longer.

Rizvi, a career banker, was appointed by the Punjab government in April this year.

The State Bank of Pakistan (SBP) clarified on July 22 that it had not allowed banks and their branches to sell and buy foreign currencies from the public across the country.

“It has come to our notice that there are some confusions/misinterpretations regarding Para 2 suggesting that SBP has allowed the banks to sale/purchase foreign currencies to/from [the] public by amending the existing regulations,” read a statement issued by the central bank.

“In this regard, it is clarified that no such amendment has been made,” it clarified.

It was reported earlier on Saturday that the SBP has issued revised chapters of Foreign Exchange (FE) Manual assigning the role of currency exchange companies to banks.

The banks were earlier, not allowed to sell or buy foreign currencies directly from the public except for those having their own exchange companies.

Though the bank did not explain the future role of exchange companies they feel threatened with the latest decision.

The SBP said that all incoming persons whether Pakistani or foreign national can bring with them without any limit foreign currencies and other instruments against the submission of a declaration to the customs authorities on the amount exceeding $10,000 or equivalent.

The banks were also told to ensure availability of foreign currencies to sell it to the public.