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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 …
Continue reading “Pakistan to receive loan from IMF to retire debts in FY22”
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 …
Continue reading “SBP to observe a bank holiday on first Ramzan”
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”
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 …
Continue reading “SBP records highest growth in Islamic banking assets”
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 …
Continue reading “Dollars rate spikes in the interbank market”
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”
