Deposit of re-issuable balances: SBP extends suspension of 0.12pc service charges

KARACHI: The State Bank of Pakistan (SBP) has extended the temporary suspension of 0.12 percent service charges on deposit of re-issuable balances. Some 0.12 percent service charges have been levied on banks against deposit of re-issuable balances with the SBP BSC offices or NBP chest branches.

In order to facilitate banks in managing their excess liquidity, consequent to large volumes of withdrawals on the eve of Eid and the COVID-19 pandemic, the SBP has decided to extend the temporary suspension of 0.12 percent service charges on deposit of re-issuable balances with the SBP BSC offices or NBP chests branches.

Accordingly, banks can deposit re-issuable balances with the SBP BSC offices or NBP chests without levy of 0.12 percent service charges on deposit of re-issuable balances till December 31, 2021.

However, all other instructions on the subject will remain the same, the central bank said.

Copyright Business Recorder, 2021