State Bank of Pakistan

State Bank of Pakistan
بینک دولت پاکستان

State Bank of Pakistan
Headquarters	Karachi, Pakistan
Established	1948
Governor	Ashraf Mahmood Wathra
Central bank of	Pakistan
Currency	Pakistani Rupees
Reserves	US$ 23.34 billion as on 02 Dec 2016
Website	www.sbp.org.pk

The State Bank of Pakistan (SBP) (Urdu: بینک دولت پاکستان‎) is the central bank of Pakistan. While its constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until January 1, 1974, when the bank was nationalized, the scope of its functions was considerably enlarged. The State Bank of Pakistan Act 1956, with subsequent amendments, forms the basis of its operations today. The headquarters are located in the financial capital of Pakistan, Karachi with branch offices in 15 cities across Pakistan, including the capital city, Islamabad and the four provincial capitals.

Before independence on 14 August 1947, during British colonial regime the Reserve Bank of India was the central bank for both India and Pakistan. On the 30th of December 1948 the British Government's commission distributed the Reserve Bank of India's reserves between Pakistan and India -30 percent (750 M gold) for Pakistan and 70 percent for India.

The losses incurred in the transition to independence, small amount taken from Pakistan's share (a total of 230 million). In May, 1948 Muhammad Ali Jinnah (Founder of Pakistan) took steps to establish the State Bank of Pakistan immediately. These were implemented in June 1948, and the State Bank of Pakistan commenced operation on July 1, 1948

Under the State Bank of Pakistan Order 1948, the state bank of Pakistan was charged with the duty to "regulate the issue of bank notes and keeping of reserves with a view to securing monetary stability in Pakistan and generally to operate the currency and credit system of the country to its advantage".