SBP to open branch in GB

The State Bank of Pakistan (SBP) is going to establish its unit in Gilgit-Baltistan (GB) to regularize the government transactions and monitor financing.

A Finance Department official told APP on Sunday that the State Bank had approached the government of GB to set up its branch in the area and for the purpose experts were tasked to carry out the feasibility report.

Official sources said the feasibility, so far, could not be done as the Karakuram Highway remained blocked for a long period as weather was inclement and flights could not be operated.

“We got a letter from the bank inscribed with same reasons,” he added.

He said the branch would govern the GB Council account as well as GB’s consolidated Fund.