Within four days, two major motor car companies closed down their business. First Millat Tractor company closed down its business, and after four days, the makers of Toyota in Pakistan, Indus Motors also announced to shut down their business from 20th December to 30th December. The company stated that they are closing down because of …
Tag Archives: SBP
Commerce Minister Meets SBP Governor
On Sunday, Federal Commerce Minister, Syed Naveed Qamar met the governor of the State Bank of Pakistan to discuss financial matters. Naveed Qamar discussed the economic issues regarding the stuck-up consignments, the opening of Letters of Credit (LCs), and issues faced by business communities. Governor of the State Bank of Pakistan, Jameel Ahmad assured the …
Pakistan Might Lose Google Play Store Services
Pakistan might lose google play store services because the SBP did not pay the due amount to international service providers Google Play Store is the platform that offers applications and services to mobile users. However, Google play store services are in danger in Pakistan and users might lose the services altogether if SBP does not …
Continue reading “Pakistan Might Lose Google Play Store Services”
PM inaugurates Sohni Dharti Remittance Program
Islamabad: The Prime Minister of Pakistan Imran Khan, inaugurated the Sohni Dharti Remittance Program (SDRP) offered jointly by the State Bank of Pakistan, Ministry of Finance and financial institutions today at the Prime Minister House in Islamabad. SDRP is an innovative program designed to incentivize Pakistani workers abroad to send remittances to Pakistan through banks …
Continue reading “PM inaugurates Sohni Dharti Remittance Program”
SBP releases Annual Report on The State of Pakistan’s Economy
Karachi: The State Bank of Pakistan released today its Annual Report on the State of Pakistan’s Economy reviewing the fiscal year 2020-21. According to the report, Pakistan’ economy rebounded during FY21, with real GDP growth rising to 3.9 percent. Importantly, this expansion in economic activity was accompanied by a 10-year low current account balance that …
Continue reading “SBP releases Annual Report on The State of Pakistan’s Economy”
SBP revises Prudential Regulations for Consumer Financing to moderate import and demand growth
Karachi: The State Bank of Pakistan (SBP) has revised Prudential Regulations (PRS) for Consumer Financing. This targeted step will help to moderate demand growth in the economy, leading to slower import growth and thus supporting the balance-of-payments. The changes in the PRs effectively prohibit financing for imported vehicles, and tighten regulatory requirements for financing of …
SBP to issue a statement about policy rate today
KARACHI: The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) is scheduled to announce the policy rate at 4:30 p.m. today (Monday). Due to the present economic scenario, experts predict that the interest rate will remain at 7%. SBP Governor Dr Reza Baqir stated in July’s policy statement that the policy rate …
Continue reading “SBP to issue a statement about policy rate today”
Pakistan to receive loan from IMF to retire debts in FY22
Islamabad: In the coming fiscal year, the government intends to borrow roughly $16 billion in gross foreign loans to cover maturing external public debt and finance the budget deficit. According to Ministry of Finance sources, the expected $15.7 billion borrowings in fiscal year 2021-22 are roughly 10% higher than this year’s revised estimates of foreign …
Continue reading “Pakistan to receive loan from IMF to retire debts in FY22”
SBP to observe a bank holiday on first Ramzan
KARACHI: The State Bank of Pakistan (SBP) will be closed for public dealings on the first Roza which will be observed as a bank holiday. SBP decided to close operations on the first Ramzan due to the deduction of zakat. “All banks / DFIs / MFBs shall therefore remain closed for public dealing on 1st …
Continue reading “SBP to observe a bank holiday on first Ramzan”
Petrol Crisis 2020, Bilawal Demands PM to step down
KARACHI: On the fuel crisis 2020, Pakistan People’s Party (PPP) Chairman Bilawal Bhutto Zardari has demanded the resignation of the entire government, including the Prime Minister. He also declared that the State Bank of Pakistan (SBP) ordinance will be challenged in every forum. Bilawal Bhutto said at a press conference in Karachi that the government …
Continue reading “Petrol Crisis 2020, Bilawal Demands PM to step down”
Govt to maintain the control of SOEs
ISLAMABAD: Even if a new Act of Parliament is approved, the federal government will have a powerful presence in state-owned enterprises (SOEs), which runs counter to the aim of maintaining productive and financially stable public sector companies by eliminating political intervention. According to the proposed State-owned Enterprises (Governance and Management) Act 2021, the government also …
SBP records highest growth in Islamic banking assets
KARACHI: State bank of Pakistan (SBP) in a statement has reported that the overall assets and deposits of the Islamic banking industry have shown significant growth of 30 percent and 27.8 percent, for the year 2020. According to SBP’s statement, “this is the highest increase in assets in a year and the highest deposits since …
Continue reading “SBP records highest growth in Islamic banking assets”
SBP reserves increase by $13b, report
KARACHI: The foreign exchange reserves of the State Bank of Pakistan (SBP) were recorded at $13 billion in the week ending March 12, a rise of $4 million or 0.03 percent. Overall liquid foreign currency reserves held by the government, including net reserves held by banks other than the SBP, were $20 billion, according to …
The Dollar continues to depreciate
Karachi: The US dollar depreciated against the rupee in both the foreign exchange markets on Friday. As a result, the dollar lost another 20 paise to close at Rs 160.30 in the open currency market. In the interbank market, the dollar fell further by 18 paise to close at Rs 160.10. Read, Gold prices rose in …
Dollars rate spikes in the interbank market
Karachi: US dollar, against Pakistani rupee, increases in the interbank market by 5 paisa on the first day of the business week. According to the data released by the State Bank of Pakistan, the US currency became 5 paise more expensive on Monday. The dollar rose from Rs 160.75 to close at Rs 160.80 Interbank …
Continue reading “Dollars rate spikes in the interbank market”
Policy rates remain at 7 percent: State Bank
Karachi: Monetary Policy Statement issued by State bank of Pakistan. 1. At its meeting on 22nd January 2021, the Monetary Policy Committee (MPC) decided to maintain the policy rate at 7 percent. The MPC noted that since the last meeting in November, the domestic recovery has gained some further traction. Most economic activity data and …
Continue reading “Policy rates remain at 7 percent: State Bank”
SBP voted as the best central bank for promoting Islamic finance
Karachi: State Bank of Pakistan (SBP) has been voted as the Best Central Bank in promoting Islamic finance for the fourth time by a poll conducted by Islamic Finance News (IFN), REDmoney Group Malaysia, today. This is the second international award bestowed upon SBP for Islamic Banking during FY2021. Earlier the Global Islamic Finance Awards …
Continue reading “SBP voted as the best central bank for promoting Islamic finance”
Further rise in the value of the dollar
Karachi: The dollar rose on the second day of the trading week in the interbank market. Interbank closing #ExchangeRate for today: https://t.co/T7wicZAxHH pic.twitter.com/tE3s89hrFC — SBP (@StateBank_Pak) January 5, 2021 According to the report released by the State Bank of Pakistan (SBP), the value of the dollar has risen by 35 paise in the interbank market. …
SBP survey regarding recent Trends and Prospects for Remittances
Karachi: State Bank of Pakistan (SBP) and Ministry of Planning, Development and Special initiatives (MPD&SI) has launched a survey of Overseas Pakistanis to analyze recent trends in remittances and the future outlook. This Survey will be available to all overseas Pakistanis till 9th January 2021. They both encourage the Overseas Pakistanis to actively participate in …
Continue reading “SBP survey regarding recent Trends and Prospects for Remittances”