20000309

Army to help

SBP in human

resource training

SHAHID IQBAL

KARACHI: The State Bank of Pakistan will benefit from the experience of Pakistan Army, which will help in formulating a training strategy for the development of the bank's human resources.

According to a new concept paper prepared to improve its efficiency the Bank has set up a training committee which will formulate recommendations in this regard.

The State Bank is tapping the resources and experience of the private sector, Pakistan Army and leading public sector institutions to develop the strategy.

A permanent Advisory Board consisting of five to six eminent professionals in the field drawn from the private sector, the Army and the government will advise the SBP on the concept and implementation of these recommendations.

The Army has already been involved by the Central Board of Revenue to broaden the tax base and enroll maximum number of taxpayers.

According to the concept paper, a more vigorous and focused effort is being launched to improve the content, quality, methodology and relevance of training.

The concept paper, which was approved by the Central Board of Directors of the State Bank last month, visualises the future direction of the Sate Bank.

It wants to transform the State Bank into a highly professional, efficient and modern institution which is fully equipped to play a meaningful role in the economic development of the country.

The paper devises a four-point strategy for the development of the role of the SBP.

a) Qualitative improvement in economic policy formulation, analysis, research and data collection for maintaining price stability with growth.

b) Pro-active supervision and regulation to ensure soundness of banking and non-banking financial institutions.

c) Prudent management of exchange rate and foreign exchange reserves to provide incentives for production, investment and exports.

d) Strengthen the payment system to facilitate orderly transactions in the economy.