SBP bans recreational trips of bankers

KARACHI: The State Bank of Pakistan (SBP) has banned recreational trips of bankers and directed the banks to formulate foreign travel policy for their staff.

In a statement issued on Monday, the central bank said the banks are sending, in collaboration with third parties, a large group of their staff aboard on various pretexts, including management meetings, reward for achieving sales / business targets; resulting in unnecessary outlays of foreign exchange.

“It has been decided that henceforth the banks shall not send their staff abroad on the abovementioned pretexts whether such tours are sponsored by banks themselves or by third parties  their overseas alliances directly or indirectly,” the SBP said.

However, the banks may send their individual staff abroad for advanced trainings, technology acquisition and occasional board of directors meetings or to manage their overseas networks in line with their approved policies, it added. The SBP also directed the banks to formulate a comprehensive “foreign travel policy” and submit it to the central bank by June 13.