KARACHI: The State Bank of Pakistan (SBP) has implemented additional measures for cash movement amidst the rapid spread of COVID-19. In a notification issued to the CEOs and Presidents of banks, the SBP emphasized the importance of these measures to protect those directly involved in cash management and operations.
The SBP highlighted its previous actions and guidelines aimed at mitigating the risk of COVID-19 within the banking sector. Specifically, the SBP’s Finance Department issued Circular No.1/2020 on March 23, 2020, which provided comprehensive guidelines to ensure an uninterrupted supply of disinfected banknotes across the economy. The SBP Banking Services Corporation (SBP BSC) offices have been facilitating regional banking sectors operationally.
However, given the escalating COVID-19 situation, the SBP has deemed it necessary to adopt further precautions. The following operational guidelines are to be followed by banks and cash-in-transit (CIT) companies with immediate effect:
1. Coordination and Timing: Banks and CIT companies must coordinate with the respective SBP BSC field offices to schedule cash deposit and withdrawal times. Access to SBP BSC premises will be permitted only at the allocated times amid COVID-19.
2. Staff Deployment: To reduce the risk of COVID-19, banks and CIT companies should deploy a minimal and efficient number of staff for cash operations.
3. Mandatory PPE and Screening: Bank representatives and CIT staff must wear face masks and latex gloves when entering SBP BSC premises. SBP security officials will conduct temperature screenings for all visitors in the wake of COVID-19..
4. Symptom Monitoring: Staff showing symptoms such as coughing, sneezing, or fever due to COVID-19 should not be involved in cash handling or transportation. If any staff member exhibits symptoms during screening at SBP BSC, they will be denied entry.
5. Social Distancing Compliance: All preventive measures related to social distancing, as recommended by the Government of Pakistan and the World Health Organization (WHO), must be adhered to within SBP BSC premises.
6. Disinfected Banknotes: Banknotes (all denominations) must be shrink-wrapped in accordance with the Banknote Packing Instructions for disinfection before being deposited in SBP BSC vaults during COVID-19.
7. Interbank Precautions: Similar practices and precautionary measures should be adopted during interbank and intra-bank cash dealings.
8. Employee Testing: Banks and CIT companies are encouraged to facilitate COVID-19 testing for employees suspected of infection, reflecting the image of a socially responsible institution.
These stringent measures are part of the SBP’s ongoing efforts to protect the economic frontiers of Pakistan and ensure the safety of individuals involved in cash operations. The SBP’s proactive stance highlights its commitment to maintaining financial stability while addressing public health concerns during the pandemic.