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The State Bank of Pakistan (SBP) has issued a license to M/s. E-Processing Systems Private Limited (EPSPL) to commence commercial operations as an Electronic Money Institution (EMI). With this license, EPSPL will offer e-money wallets to consumers, merchants, and agents, facilitating digital payment solutions. This new addition brings the total number of licensed EMIs in …
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The Pakistani rupee weakened marginally against the US dollar on Tuesday. The currency depreciated by 0.03% in the inter-bank market, closing at 277.95, a loss of Re0.09 from Monday’s value of 277.86, according to the State Bank of Pakistan (SBP). Globally, the Japanese yen showed signs of recovery, strengthening to 154.40 per dollar after briefly …
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KARACHI: Pakistan’s foreign exchange reserves, managed by the State Bank of Pakistan (SBP), climbed by $18 million to reach $11.17 billion during the week ending November 1, 2024. This marks the 15th consecutive week of reserve growth, according to the central bank’s latest weekly update. Despite the steady increase in reserves, the Pakistani rupee continued …
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Karachi: Pakistan’s foreign exchange reserves fell below the $16 billion mark this week, as reported by the State Bank of Pakistan (SBP). The decline marks a $117.2 million drop in total reserves within just one week, indicating ongoing financial pressures. The State Bank announced that as of November 1, total reserves stood at $15.9318 billion, …
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The recent 2.5% cut in the State Bank of Pakistan’s (SBP) policy rate has prompted a mixed response from the business leaders, calling for further reductions to drive economic growth. Industry stakeholders argue that the current rate remains high and limits the potential for business expansion, urging the SBP to aim for a single-digit interest …
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The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) met today to announce a significant policy change. The MPC decided to cut the policy rate by 250 basis points, lowering it to 15 percent. This reduction will take effect from November 5, 2024. Inflation Trends The MPC observed a notable decline in …
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KARACHI: Amid a significant slowdown in inflation, business leaders have urged the State Bank of Pakistan (SBP) to cut policy rate by 300 to 500 basis points. They believe that such a cut is essential to revive trade and industrial activities in the country. The SBP’s Monetary Policy Committee (MPC) is set to meet on …
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KARACHI: The Pakistani rupee (PKR) appreciated by 18 paisa against the US dollar (USD) in interbank trading on Friday. The rupee closed at Rs277.61, improving from the previous day’s closing of Rs277.79. The Forex Association of Pakistan (FAP) reported that the buying and selling rates of the US dollar in the open market stood at …
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Raast, Pakistan’s instant payment system, has processed 892 million transactions, with a total value of PKR 20 trillion. The system, developed by the State Bank of Pakistan (SBP), continues to break records. Notably, the most recent trillion was processed in just 16 days. This rapid growth highlights SBP’s dedication to revolutionizing digital payments in Pakistan. …
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ISLAMABAD: The International Monetary Fund (IMF) has raised concerns over the deeply entrenched nexus between Pakistan’s government, the central bank, and the banking sector, warning that it poses significant risks to the country’s economy and financial system. According to the IMF, this relationship can lead to conflicting policies, regulatory challenges, and a harmful trade-off between …
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