State Bank gives investment advice

KARACHI: The State Bank of Pakistan (SBP) on Thursday asked the banks to ensure that no institutional investment of any kind should be accepted in the National Savings Schemes (NSS) dealt by banks on or after July 1, a circular said.

Last week, the government banned institutional investments in NSS, ie, special savings certificates and defence savings certificates to redirect them to other parts of the financial sector. The government took this decision on the recommendations of the committee constituted to finalise a plan for the elimination of institutional investors from NSS products and the State Bank of Pakistan.