Dismiss misleading rumors: People's Bank maintains proper international & trade banking activities

Issuing a statement, People’s Bank noted that it plays a pivotal role in facilitating the country's import/export activities via issuing Letters of Credits and Guarantees to a large number of private and state-owned institutions.

“Certain parties are seeking to undermine the role of state banks by stating the recent downgrade in the country’s credit rating by three international rating agencies has hampered state banks’ ability to facilitate international trade activities,” it claimed.

The factual situation is that not a single Letter of Credit or guarantee issued by People’s Bank has been rejected by any international party,” the statement said.

People’s Bank, which will be celebrating its 60th anniversary in 2021, has always taken pride in playing a leading national role in the development of the country and always stepping in to play a critical role in any difficulty the country faced.

The role it played during the recent COVID-19 pandemic is no different as it kept more than 70% of its branches open to serve the customers while providing the affected individuals and businesses with over Rs. 300 billion worth of financial relief.

People’s Bank’s financial stability underscored the fact that it has been ranked among the top 1000 banks in the world for 2018, 2019 and 2020 by the Banker magazine.

The bank also possesses an impressive Rs. 2.3 trillion asset base with over Rs.1.8 trillion customer deposits which is indicative of the trust and confidence it enjoys within the country.