The State Bank of Pakistan (SBP) has announced a new set of criteria including a benchmark paid-up capital of Rs500 million (Approx US$100 million) for the banks desiring to act as primary dealers of the SBP.
The newly-created Exchange and Debt Management Department of the SBP said in its first ever circular that Primary Dealers (PD) would need to raise their paid-up capital to one billion rupees by end of two years after their selection. The department has invited applications for PDs within 30 days.
An SBP circular (EDMD no. 1) issued to all banks and non-bank financial institutions said that local banks and financial institutions as well as foreign banks operating in Pakistan could apply for primary dealership of the SBP.
