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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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The Pakistani Rupee (PKR) slightly devalued by Rs 0.6 against the US Dollar in interbank trading on Tuesday, closing at Rs 278.70. This marks a minor decline from the previous day’s closing rate of Rs 278.64. According to news reports, The Forex Association of Pakistan (FAP) reported that in the open market, the buying and …
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The State Bank of Pakistan (SBP) has designated Domestic Systemically Important Banks (D-SIBs) for the year 2024. This decision is part of the ongoing effort to ensure financial stability in the country and aligns with the framework introduced by the SBP in April 2018. The framework is designed to meet international standards while considering both …
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SBP Maintains 22% Policy Rate: Monetary Policy Statement In its recent announcement, the State Bank of Pakistan (SBP) upheld the policy rate at 22 percent after careful evaluation of economic conditions. The announcement was made after the meeting of Monetary Policy Committee in Karachi on Monday March 18, 2024 Despite a decline in inflation since …
The Pakistani rupee had been going up for five days in a row, but on Tuesday, it lost 0.24% on the interbank market. On the interbank market, the local unit ended the day at 262.51 against the US dollar. This was down Rs0.63 from Monday’s close, when it was at 261.88. Pakistan’s real effective exchange …
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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 …
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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 …
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 …
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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 …
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ISLAMABAD: Following the ban on the Tehreek-e-Taliban Pakistan (TLP), the government has begun the process of freezing the proscribed organization’s properties. Previously, the Ministry of Interior released a notice saying the TLP “is engaged in the insurgency, has behaved in a manner prejudicial to the stability and stability of the region, and is complicit in …
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 …
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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 …
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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 …
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 …
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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 …
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 …
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 …
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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 …
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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. …
Karachi: The dollar rose on the first day of the trading week on the interbank market. According to the data released by the State Bank of Pakistan, the value of the dollar in the interbank market has increased by 6 paisa. Interbank closing #ExchangeRate for today: https://t.co/McjMBAw7UT pic.twitter.com/SdOJPHvTnS — SBP (@StateBank_Pak) December 28, 2020 According …
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 …
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