Section 4C: Functions of the Bank

4C. Functions of the Bank.⸺The functions of the Bank to achieve the objectives set forth in section 4B and as further described in this Act, shall be to⸺ (a) determine and implement monetary policy; (b) formulate and implement the exchange rate policy; (c) carry out and disseminate research relevant to Bank’s objectives and functions; (d) hold and manage all international reserves of Pakistan; (e) issue and manage the currency of Pakistan, including regulating their denominations; (f) collect and produce statistics relevant to the Banks objectives and functions; (g) operate and exercise oversight over payment systems; (h) license regulate and supervise scheduled banks and financial institutions that fall under the domain of the Bank as further specified in this Act or any other Act; (i) resolve scheduled banks and other financial institutions that fall under the domain of the Bank as further specified in this Act or any other Act; (j) adopt and implement macro-prudential policy measures for scheduled banks and financial institutions that fall under the domain of the Bank; (k) act as the banker, financial adviser and fiscal agent to the Government, and its agencies, on the mutually agreed terms and conditions; (l) promote financial inclusion in Pakistan; (m) develop financial market infrastructures; (n) participate in international councils and organizations, including multilateral, international financial institutions; (o) cooperate with domestic and foreign public entities, concerning matters related to its objectives and functions; and (p) carry out any ancillary activities incidental to the exercise of its objectives under this Act.]

Effective date: 1956-04-18

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