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The State Bank of Pakistan (SBP) has released its Quarterly Payment Systems Review for Q2 FY25. The report summarizes the latest trends in digital payments and highlights key developments in the country’s payment landscape. Pakistan’s digital payment ecosystem continued to expand in Q2 FY25. Retail transactions grew by 11% in volume, reaching 2,143 million. The …
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The State Bank of Pakistan (SBP) has denied claims that it is not issuing fresh banknotes for Eid-ul-Fitr. The central bank continues its tradition of providing new banknotes to commercial banks. This ensures the public can access fresh currency notes during the festive season. Read: Husband Sets Wife on Fire After She Objects to His Infidelity …
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The State Bank of Pakistan (SBP) has reaffirmed that it is issuing fresh banknotes for Eid-ul-Fitr, countering claims that new currency notes are unavailable. The central bank has already distributed Rs. 27 billion in fresh banknotes to 17,000 commercial bank branches across the country. This move ensures the public can access crisp new notes during …
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The State Bank of Pakistan (SBP) may announce a 50-basis-point (bps) interest rate cut in its upcoming Monetary Policy Committee (MPC) meeting on March 10, according to Arif Habib Limited (AHL). The falling inflation rate has created room for further monetary easing, but the central bank faces a delicate balancing act between economic growth and …
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KARACHI: The State Bank of Pakistan (SBP) has granted a digital banking license to Easy Paisa Bank Ltd, the central bank governor announced on Tuesday. This move aims to enhance financial inclusion, particularly in remote areas of the country. Speaking on the occasion, SBP Governor Jameel Ahmad emphasized the significance of digital and branchless banking. …
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The State Bank of Pakistan (SBP) on Monday reduced the policy rate by 100 basis points, bringing it to 12%, during the first monetary policy announcement of 2025. The new rate will take effect from December 17, 2024, according to a statement released by the central bank. Inflation Declining Gradually SBP Governor Jameel Ahmad, who …
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The Pakistan Stock Exchange (PSX) faced another tough session on Wednesday as the KSE-100 Index plummeted by 1,598.82 points, or 1.39%. The index closed at 113,443.43, reflecting weak investor confidence due to economic uncertainty and regulatory concerns. During the session, the index reached an intraday high of 115,256.16 before falling to a low of 113,359.37. …
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The State Bank of Pakistan (SBP) is set to reveal its much-anticipated monetary policy decision on Monday, January 27, 2025. The Monetary Policy Committee (MPC) will convene earlier in the day to deliberate on the policy direction. Governor SBP, Jameel Ahmad, will address a press conference after the meeting to announce the decision. This announcement …
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The State Bank of Pakistan (SBP) has reinforced its dedication to advancing financial inclusion by fostering strong partnerships with global and domestic stakeholders. Governor SBP, Mr. Jameel Ahmad, highlighted this commitment during a bilateral meeting with Dr. Alfred Hannig, CEO of the Alliance for Financial Inclusion (AFI), held in Karachi on January 13, 2025. The …
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The ruling Pakistan Muslim League-Nawaz (PML-N) criticized Pakistan Tehreek-e-Insaf (PTI) over the failure of its civil disobedience movement. PTI’s jailed founder, Imran Khan, had urged overseas Pakistanis to withhold remittances as part of the campaign. However, Pakistan’s remittances hit $3.1 billion in December 2024, marking a 29.3% year-on-year increase, according to the State Bank of …
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The State Bank of Pakistan (SBP) has unveiled a rolling half-yearly calendar for the upcoming Monetary Policy Committee (MPC) meetings. The central bank’s proactive approach aims to ensure transparency and allow stakeholders to prepare for these critical sessions. The schedule includes four key dates in the first half of 2025, focusing on the monetary policy …
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The State Bank of Pakistan’s (SBP) foreign exchange reserves saw a small decline of $15.3 million, or 0.13%, during the week ending January 3, 2025. The total reserves held by SBP stood at approximately $11.7 billion. This week-on-week (WoW) decrease was revealed in a report issued by the central bank on Thursday. Although the reserves …
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State Bank of Pakistan (SBP) Governor Jameel Ahmed expressed confidence in the country’s economic trajectory. Speaking at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday, he assured that debt levels and the balance of payments remain under control. Ahmed stated that inflation is expected to decline further by January, paving the …
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The Pakistani rupee strengthened marginally against the US dollar on Thursday, appreciating by 0.1% during the early hours of trading. At 10am, the rupee was trading at 278.45, gaining Re0.27 from its previous close of 278.72 on Wednesday, according to data from the State Bank of Pakistan (SBP). Pressure on Major Currencies Meanwhile, the US …
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Karachi: Mashreq Pakistan, a part of Mashreq Group, has received a restricted license from the State Bank of Pakistan (SBP) to begin pilot operations as the first digital retail bank in the country. This significant development marks a key milestone for Mashreq and underscores its commitment to driving financial inclusion and providing innovative digital banking …
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Karachi: Veon Group, a global digital operator, has injected USD 15 million into Mobilink Bank. The investment aims to boost Mobilink Bank’s strategic growth, focusing on microfinance, Islamic banking, and technological advancements. The fresh capital will enable the bank to expand its offerings in Micro, Small, and Medium Enterprise (MSME) financing. The funds will also …
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The State Bank of Pakistan (SBP) has announced that holders of Rs25,000 and Rs40,000 prize bonds must redeem them by December 31. A spokesperson for SBP emphasized that no requests for redemption or exchange will be entertained after this date. The deadline also applies to Rs15,000 and Rs7,500 prize bonds. Bondholders have been urged to …
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Karachi: Zafar Paracha, Secretary General of the Exchange Companies Association of Pakistan (ECAP), has expressed strong support for the State Bank of Pakistan’s (SBP) newly introduced framework for exchange companies. He praised this initiative as a transformative step toward improving operational efficiency, ensuring customer security, and eliminating illegal trading in the gray market. Paracha commended …
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KARACHI: The State Bank of Pakistan (SBP) reported a drop of $228 million in its foreign exchange reserves, which fell to $11.85 billion during the week ending December 20. This marked the first decline after weeks of consistent increases. The SBP attributed the decrease to external debt repayments. Pakistan faces $26.1 billion in external debt repayments …
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Pakistan’s liquid foreign reserves dropped to $16.37 billion as of December 20, 2024. The State Bank of Pakistan (SBP) reported a decline of $228 million in its reserves during the week. The SBP holds $11.85 billion of the total reserves. Commercial banks hold $4.52 billion. Combined, the total liquid foreign reserves amount to $16.37 billion. …
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The remittances sent by overseas Pakistanis through Roshan Digital Accounts (RDA) have crossed $9.138 billion since the launch of the initiative. The State Bank of Pakistan (SBP) reported this significant achievement on Monday. Between September 2020 and November 2024, Roshan Digital Accounts proved to be a reliable channel for remittances. In November 2024 alone, overseas …
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The State Bank of Pakistan (SBP) announced a major cut in its policy rate on December 16, 2024. The Monetary Policy Committee (MPC) reduced the rate by 200 basis points, bringing it down to 13%. The decision will take effect from December 17, 2024. Inflation Eases to 4.9% Headline inflation dropped to 4.9% year-on-year in …
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The State Bank of Pakistan (SBP) reported a $12.5 million rise in its foreign exchange reserves, reaching $12.05 billion for the week ending December 6, 2024. This marks a 0.10% week-on-week (WoW) increase, according to data released on Thursday. Decline in Total Reserves Despite the uptick in SBP’s reserves, the country’s total foreign exchange reserves …
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