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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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Karachi: Visa (NYSE: V) has released a whitepaper emphasizing the benefits of digitizing SME payments. The report highlights over $121 billion in SME B2B transactions ready for digital transformation. Umar S. Khan, Visa’s Country Manager for Pakistan & Afghanistan, stated that SMEs contribute 40% to Pakistan’s GDP and play a crucial role in job creation. …
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Prize bonds are one of the most popular investment options in Pakistan. They offer an opportunity for people to try their luck in a government-backed lottery system while keeping their investment secure. However, like any financial instrument, prize bonds come with both advantages and disadvantages. Many Pakistanis buy prize bonds in the hopes of winning …
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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Karachi: Pakistan’s official foreign reserves have decreased, while the country’s total reserves saw a slight increase. According to the latest data from the State Bank of Pakistan, total reserves rose by $3.72 million by the week ending December 27, reaching $16.4 billion, compared to $16.37 billion in the previous week. The central bank reported a …
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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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Karachi: In the first five months of the current fiscal year, foreign investors increased their repatriation of profits and dividends by a significant 112%. This surge reflects improved economic conditions and growing investor confidence in Pakistan. According to the State Bank of Pakistan, foreign investors sent back $1.129 billion in profits and dividends from July …
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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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To assist intending pilgrims for Hajj 2025, the State Bank of Pakistan has announced that 15 designated banks will remain open on Saturday, November 30, and Sunday, December 1, 2024. This decision follows a request from the Ministry of Religious Affairs & Interfaith Harmony. The goal is to help pilgrims submit their Hajj applications and …
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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 Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) is set to announce its key interest rate decision shortly. Many analysts are anticipating a substantial cut of 200 basis points (bps). This move follows recent reductions aimed at stimulating economic growth amid slowing inflation and declining oil prices. Background of Recent Rate …
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KARACHI: The Pakistan Stock Exchange (PSX) surged to a new all-time high on Tuesday, driven by strong post-26th Amendment gains. The KSE-100 index rose 409 points, or 0.48%, to close at 86,466, surpassing yesterday’s close of 86,057. Early in the day, the index reached a new peak, climbing 798 points to 86,846 during intraday trading. …
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The recently passed 26th Constitutional Amendment Bill, 2024, has set a firm deadline of January 1, 2028, to eliminate interest-based banking (Riba) in Pakistan. The decision reflects a major shift towards an Islamic banking system, in line with religious principles. Moreover, the Jamiat Ulema-e-Islam-Fazl (JUI-F), led by Maulana Fazl-ur-Rehman, played a pivotal role in pushing …
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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The State Bank of Pakistan (SBP) has received the first loan tranche of around $1.027 billion from the International Monetary Fund (IMF). This will provide a significant boost to Pakistan’s economic recovery efforts by releasing its first loan tranche. Pakistan received the funds on Friday, following the IMF Executive Board’s approval. The State Bank of …
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The Pakistan government has officially revised the rules governing buyback and exchange programs for securities. This significant change aims to cut debt servicing costs by December 2024. This decision follows an unprecedented profit of Rs3.4 trillion reported by the State Bank of Pakistan (SBP). This profit arose due to the record-high interest rate of 22%, …
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KARACHI – The Pakistani rupee appreciated by 0.03% against the US dollar in the inter-bank market on Friday, closing at 277.84. This marks a small gain of Re0.07 from Thursday’s closing rate of 277.91, as reported by the State Bank of Pakistan (SBP). The rupee’s movement comes ahead of the International Monetary Fund (IMF) Executive …
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The State Bank of Pakistan (SBP) reduced its key policy rate by 200 basis points to 17.5%, effective from September 13, 2024, as inflation fell to 9.6%, marking the first single-digit figure in three years. The Monetary Policy Committee (MPC) noted that inflation dropped faster than expected, due to delayed energy price hikes and lower …
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Karachi: The Pakistani Rupee (PKR) appreciated by 09 paisa against the US Dollar (USD) on Tuesday in the interbank market, as reported by the State Bank of Pakistan (SBP). The greenback closed at Rs 278.61, compared to the previous day’s closing rate of Rs 278.70, reflecting a marginal improvement in the local currency’s value. In …
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The State Bank of Pakistan (SBP) is pleased to announce the results of the art competition held for the design of a new series of banknotes. The local artists and designers who participated are commendable for showcasing their creativity on this important occasion. After careful review by a committee comprising esteemed experts from relevant fields, …
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Karachi: The State Bank of Pakistan (SBP) reported a decline of $36.4 million in the country’s foreign exchange reserves over the past week. As of August 30th, the total reserves decreased from $14.7763 billion to $14.7399 billion. Read: Daily Crime Rate in Karachi Drops, Says Additional IG Sindh at KATI Meeting According to the SBP, despite …
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