Rs20 billion Market Stabilisation Fund

KARACHI - State Bank of Pakistan (SBP) has shown its willingness to set up a fresh “Market Stabilization Fund” worth Rs20 billion and decided to increase the current banks paid up capital in equity markets coupled with cutting the stock buyback period from seven days to one day, informed sources told The Nation on Monday.

It was decided in an informal meeting between the core brokers including Aqeel Karim Dhedhi, Arif Habib and Jahangir Siddiqui with the Managing Director of KSE Adnan Afridi, who called in on Governor State Bank Shamshad Akhter at her office on Monday to discuss the problems being faced by the market and overall economy of the country as well. Sources said that in the meeting the governor SBP has shown its intentions to arrange a market stabilization fund, which will be supervised by the President of Saudi Pak Bank and former Chairman of KSE Shaukat Tarin.