SBP to reverse around $590mn to scheduled banks against CRR
MG News | June 20, 2022 at 11:14 PM GMT+05:00
June 20, 2022 (MLN): In order to improve the liquidity in the interbank market, the State Bank of Pakistan (SBP) will likely reverse around $590 million to scheduled banks against Cash Reserve Requirement (CRR).
Accordingly, the scheduled banks have to deposit 10 percent of dollar accounts with the central bank.
The banks will again deposit CRR with SBP by October 2022.
To recall, SBP in November 2021 had increased CRR by 100bps to 6% to achieve the government’s medium-term inflation target, and reduce pressures on the rupee.
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