SBP Appoints Primary Dealers for FY 2024-25

SBP Appoints Primary Dealers for FY 2024-25

Karachi, July 10, 2024 – The State Bank of Pakistan (SBP) on Wednesday announced the appointment of primary dealers (PDs) and special purpose primary dealers (SPPDs) for the financial year 2024-25.

This announcement follows the guidelines issued under the rules governing the Primary Dealer (PD) system, as outlined in DMMD Circular No. 07 dated April 12, 2021.

The SBP invited applications for the selection of PDs, PPDs, and SPPDs for the financial year 2024-25 through DMMD circular letter No. 05, dated May 09, 2024. Eligible institutions were asked to apply under the specified rules. Following a thorough evaluation of all applicants against the criteria set out in these rules, the SBP has selected the following institutions for the respective roles:

Primary Dealers:

1. Bank Al-Falah Limited

2. National Bank of Pakistan

3. Habib Bank Limited

4. Habib Metropolitan Bank Limited

5. United Bank Limited

6. The Bank of Punjab

7. MCB Bank Limited

8. Pak Oman Investment Company Limited

9. JS Bank Limited

10. Citi Bank – Pakistan

Special Purpose Primary Dealers:

1. Central Depository Company Limited

2. National Clearing Company of Pakistan

In addition to announcing the new appointments, the SBP also recognized the top three performing primary dealers for the financial year 2023-24. The top performers were acknowledged for their exceptional contributions and performance in the PD system:

1. Bank Al-Falah Limited

2. National Bank of Pakistan

3. Habib Bank Limited

The SBP stated that the performance ranking of all other PDs and SPPDs for the financial year 2023-24 will be communicated individually through separate letters.

The PD system plays a crucial role in the financial market by ensuring the efficient distribution and liquidity of government securities. The selected PDs and SPPDs are tasked with enhancing market stability, promoting investment, and facilitating the smooth operation of monetary policy.

This latest appointment reaffirms the SBP’s commitment to fostering a robust and dynamic financial market in Pakistan. By selecting reputable and capable institutions as primary dealers, the SBP aims to enhance market efficiency, ensure the availability of government securities, and support the overall economic stability of the country.