20000313

Merger of several

SBP depts on anvil

SHAHID IQBAL

KARACHI: As a part of restructuring of the State Bank of Pakistan, a number of departments are being merged to get better results from their workings, it is learnt.

The Central Board of Directors of the State Bank had approved the plan for merger of its various departments at its last meeting held in the middle of February.

Sources said that the Security Department and Dealing Room have been merged and a new department called "Foreign Exchange and Debt Management" has been formed.

The new department will take over entire Debt Management and treasury related functions (both money and exchange matters) presently scattered over in Foreign Exchange Department and Accounts Department.

Sources said that Public Relations Department (PRD) has been merged with Corporate Affairs Department.

However, PRD will have a Chief Spokesman to ensure close liaison with the Press. He will also attend the important meetings.

More professionals will be inducted in the Public Relation Department.

It has also been decided to make the Training Institute a subsidiary of the State Bank with the exclusive responsibility of catering to all training needs of the Banking Sector.

Overlapping functions of Administration Department will be transferred to Personal and Accounts Departments.

The three existing Research Departments will be restructured to separate the routine work from the policy analysis and serious research work.

Similarly, Statistics Department's bifurcation will be considered to make its size manageable.

The possibility of out-sourcing/contracting out some of the functions presently performed by non-core departments will be examined and a committee will be constituted for the purpose to examine the matter in detail.