SBP to brief senate body on remittances, forex reserves

The Senate Committee on Finance, Revenue, Economic Affairs and Narcotics Control would be briefed on Tuesday on foreign exchange remittances by the State Bank of Pakistan (SBP).

According to senate notification, the committee meeting, scheduled to be chaired by Senator Saleem Mandviwalla, would be provided details by SBP on sector-wise and month-wise details of foreign Airlines’ remittances under selling of tickets in Pakistan for last two years.

The SBP would also present its progress report on the installation of counterfeit notes detection equipment in cash disbursing branches of the commercial banks, the notification added.

The bank is also scheduled to give in camera briefing to the committee on foreign exchange reserves of the country.

In addition, Standard Chartered Bank, Citi Bank and Deutsche Bank would also give in-camera briefing to the committee on issuance of $500 million Euro Bonds in the year 2015.

The committee is also scheduled to consider a private member’s bill to amend the Protection of Economic Reforms Act 1992 {The Protection of Economic Reforms (Amendment) ill 2016}.