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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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The Karachi Chamber of Commerce and Industry (KCCI) has called on the State Bank of Pakistan (SBP) to reduce the monetary policy rate by 400 basis points. KCCI President Muhammad Jawed Bilwani highlighted that this reduction would align interest rates with sustainable levels and make borrowing affordable for businesses and consumers. Inflation Drops to Lowest …
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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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