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State Bank of Pakistan

Banks earn 50% interest from government securities: State Bank

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State Bank of Pakistan

KARACHI: The banks are earning 50 per cent of interest from the investments in the government securities such as treasury bills and investment bonds. In its Financial Stability Review – 2020, the State Bank of Pakistan (SBP) said that the analysis reveals that in the last 14 years, the government’s reliance on the banking sector … Read more

SBP to penalise banks for failing to comply with housing loan disbursements

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State Bank of Pakistan

KARACHI: The State Bank of Pakistan (SBP) on Tuesday decided to impose a penalty on banks, which fail to comply with the disbursement targets assigned by it. Through a Circular No 03 of 2021, the central bank informed the banks about the government’s markup subsidy scheme (G-MSS) for housing finance. The SBP hoped that the … Read more

Pakistan reintroduces incentive for banks, exchange firms to boost remittances

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State Bank of Pakistan

KARACHI: The State Bank of Pakistan (SBP) on Monday reintroduced an incentive scheme for banks and exchange companies for promoting inflows of home remittances through legal channels during the fiscal year 2021/22. The cash reimbursement scheme for showing growth in processing home remittances by the banks and exchange companies was applicable for the last many … Read more

Pakistan needs to attain 7% economic growth: Tarin

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Pakistan needs to attain 7% economic growth: Tarin

ISLAMABAD: Pakistan needs to achieve economic growth of up to 7 per cent and for realising this goal, there was a dire need for economic stability, a senior government official said. Addressing virtually on “Pakistan’s Economy – Fragility and Smart Action Strategy” National Workshop Balochistan-7, Federal Finance and Revenue Minister Shaukat Tarin said that the … Read more

Banks and tax offices to observe extended working hours on June 30

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State Bank of Pakistan

KARACHI: .The central bank said to facilitate the collection of government receipts/duties/taxes, it has been decided that the field offices of the SBP Banking Services Corporation (SBP‐BSC) and the authorised branches of the National Bank of Pakistan (NBP) will observe extended banking hours till 8:00pm on June 30, 2021 (Wednesday), for which a special clearing … Read more

Banks to remain closed for public dealing on July 1

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SBP

KARACHI: The State Bank of Pakistan (SBP) on Monday announced that the banks will remain closed on July 1, 2021 for public dealing. A circular issued by the central bank said the SBP will remain closed for public dealing on Thursday July 1, 2021, which would be observed as a bank holiday, enabling the central … Read more

Rupee gains 6 paisas against dollar

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rupee

KARACHI: The rupee gained 6 paisas against the dollar on Friday, amid demand for the foreign currency ahead of the weekly holidays, dealers said. The exchange rate ended at Rs157.62 against the greenback, compared with the last day’s closing of Rs157.68 in the interbank foreign exchange market. The dealers said the market witnessed demand for … Read more

Arrest warrant issued for TPL Director Sabiha Sultan

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Karachi: City court in Karachi has issued the arrest warrant of TPL Director Sabiha Sultan. The warrant was issued by District and Session Judge Sharqi. The court issued an arrest warrant for TPL Director Sabiha Sultan for non-appearance in the court. The court expressed displeasure over the continued absence of the accused person. Sabiha Sultan … Read more

Pakistan’s forex reserves dip $329 million to reach $23.257 billion

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foreign exchange

KARACHI: The liquid foreign exchange reserves of the country declined $329 million to reach $23.257 billion by the week ended June 18, 2021, compared with $23.586 billion by the week ended June 11, 2021, the central bank reported on Thursday. The official foreign exchange reserves of the State Bank of Pakistan (SBP) fell from $311 … Read more

Unisame hails SBP’s proposal to facilitate exporters through digitization

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State Bank of Pakistan

KARACHI: The Union of Small and Medium Enterprises (Unisame) has welcomed the suggestions made by the State Bank of Pakistan (SBP) to facilitate exporters through digital windows and gateways to make it easy and efficient, a statement said on Tuesday. Unisame president Zulfikar Thaver welcomed the central bank’s agenda of modernising foreign exchange regulations and … Read more

SBP issues policy to make banking process easy for disabled persons

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State Bank moratorium on consumer loans’ principle

KARACHI: The State Bank of Pakistan (SBP) on Monday issued a policy for the financial inclusion of persons with disabilities to make banking process easy for them. The central bank issued the policy to make banking easy and convenient for them through supportive physical infrastructure, accessible products and services, assistive technologies, and supportive staff interactions. … Read more

Bank deposits hit record high of Rs17.96 trillion in May

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bank deposits

KARACHI: The deposits of the banking system have increased to a record high of Rs17.96 trillion by the end of May, owing to the stalled economic activities following a rise in coronavirus cases during the past couple of months. Previously, the banking deposits witnessed a record high of Rs17.90 trillion in March 2021, according to … Read more

Remittances from Overseas Pakistani’s exceed $2bn

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The remittances from Overseas Pakistani’s working abroad exceeded $2 billion for the 12th month in a row in May 2021. The State Bank of Pakistan (SBP) acknowledging “proactive policy measures by the Government and the State Bank of Pakistan encouraging expats to use formal channels for their transactions” for the record inflows. According to the … Read more

SBP proposes amendments in rules to facilitate digital marketplace selling

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SBP

KARACHI: The (SBP) central bank has proposed changes in the foreign exchange regulations to facilitate Pakistani exporters to sell their products through the international digital marketplace. The State Bank of Pakistan (SBP) on Monday issued regulations to propose changes in its regulatory instructions for exports of goods from Pakistan. “These changes aim at promoting ease … Read more

Overseas Pakistanis send record $26.7 billion in 11 months

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Dollar

KARACHI: Workers’ remittances registered a sharp growth of 29.4 percent to $26.7 billion during the first 11 months (July–May) of 2020/21, owing to a rise in the transfers through formal channels, the central bank said on Thursday. Overseas Pakistanis sent home $26.7 billion during July-May 2020/21, compared with $20.66 billion in the same period of the … Read more

People with mental disorders can now have bank accounts

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State Bank of Pakistan (SBP)

KARACHI: The central bank has allowed people with mental disorders to open a bank account through a well-defined process, a statement issued by the bank said on Tuesday.

The State Bank of Pakistan (SBP) said that the process has been devised after a thorough consultation with the stakeholders.

“Now, for the first time in Pakistan, mentally disordered persons will be able to open a bank account under a new category of customer account namely, ‘Mentally disordered person account’ introduced by the SBP in its AML/CFT/CPF regulations,” it said.

The central bank has advised all banks to facilitate mentally disordered persons by allowing them to open and maintain a bank account with the help of a court-appointed manager as per the applicable laws related to mental health.

The account opening process will include the presentation of valid identity documents and biometric verification of mentally disordered persons and court-appointed managers by the National Database and Regulatory Authority (Nadra).

Moreover, the bank will verify a certified true copy of the court order to ensure the authenticity of the appointed manager.

All CDD requirements should be completed for both the persons to meet AML/CFT/CPF regulations, it said.

Earlier, the SBP had taken several measures and initiatives in consultation with the banking industry for the persons with disabilities such as giving special consideration for their employment and improvement in the accessibility infrastructure such as ramps and wheelchair facilities in their branches.

The SBP has also made available subsidized financial facilities and credit guarantee schemes for differently-abled persons. All these measures are being undertaken under a broader objective of improving financial inclusion in the country.

The SBP’s current step along with a new comprehensive financial inclusion policy for persons with disabilities, to be unveiled shortly, will pave the way for universal financial inclusion, including those of the marginalized segments, the statement added.

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The government has paid IPPs the first instalment of nearly Rs 89 billion

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government has paid IPPs

Following Prime Minister Imran Khan’s directions, the government has paid IPPs. The Finance Division has announced that 20 IPPs have been paid Rs89.2 billion as the first instalment of the payment. The State Bank of Pakistan, Power Division, and other related departments finalized the payment to the power producers. Tabish Gauhar, Special Assistant to the … Read more

State Bank of Pakistan’s timely Regulatory-Support to Promote Real Estate Investment Trusts ‘REITs’

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State Bank of Pakistan

Karachi, June 02, 2021: The State Bank of Pakistan has issued a circular today, announcing favorable changes in the Basel Capital Adequacy framework for Real Estate Investment Trusts ‘REITs’. The changes will allow banks to book greater exposure in REITs, facilitate the development of Housing Finance as well as Capital Market in the country. REIT … Read more

Monetary Policy Committee To Maintain Policy Rate at 7% : SBP

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Monetary Policy Committee To Maintain Policy Rate at 7% : SBP

The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has decided on Friday to maintain the policy rate at 7%.

SBP via Twitter said that while inflation has risen since January, a small number of energy and food items account for about 3/4 of this rise. Demand-side pressures are contained, wage growth is subdued and inflation expectations are reasonably anchored.

Moreover, encouraged by the revision in FY21 growth to 3.94%, MPC noted this confirms the strength of economic rebound on the back of targeted fiscal measures &aggressive monetary stimulus. However, uncertainty remains due to the 3rd Covid wave, suggesting the need for monetary policy to remain supportive.

SBP also said that looking ahead, in the absence of unforeseen circumstances, MPC expects monetary policy to remain accommodative in the near term & any adjustments in the policy rate to be measured and gradual to achieve mildly positive real interest rates over time.

Earlier the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) in March had decided to maintain the policy rate at 7% for the next two months.

According to a statement from the central bank, growth and employment have recovered since the last meeting in January, and business confidence has improved further.

The statement said that at present the growth rate is around 3% but it is expected to be higher in the financial year 2021 due to better manufacturing prospects and partly due to the monetary and financial stimulus provided during the coronavirus pandemic.

The SBP said recent inflation figures are variable and general inflation in January was the lowest in more than two years but has risen sharply since February, largely due to rising electricity prices and sugar and wheat.

The Monetary Policy Committee said that the recent rise in inflation was mainly due to the supply chain, but that the productivity gap was still negative as estimated and inflation was still largely under control, however, when the recent rise in government prices If the effect of the increase is to dim, then inflation should come down to 5 to 7 percent in the medium term.

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Pakistan’s Total Liquid Foreign Reserves Stand at US$ 23.02 billion: SBP

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Pakistan’s Total Liquid Foreign Reserves Stand at US$ 23.02 billion

Pakistan’s total liquid foreign reserves stood at US$ 23.02 billion as of May 21, 2021, according to data released by the State Bank of Pakistan.

Despite the depreciation of the Pakistani rupee against the US Dollar, the remittances from overseas Pakistanis continue to increase Pakistan’s foreign reserves.

Earlier, Prime Minister Imran Khan said that Overseas Pakistanis are the most valuable asset for the country and the greatest strength.

The Prime Minister extended thankfulness to the Overseas Pakistanis for their faith in Naya Pakistan.

He further added that the remittances during the month of April rose to an all-time high of 2.8 billion dollars.

“I have always believed Overseas Pakistanis to be our greatest asset. In April, your remittances rose to an all-time high of $2.8bn. Remitting $24.2bn in first 10 mths of FY21, you have broken the record level achieved in entire FY20. Thank you for your faith in Naya Pakistan,” the tweet read.

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SBP Releases Statistics Of ATM Transactions During Ramadan, Eid

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Monetary Policy Committee To Maintain Policy Rate at 7% : SBP

The State Bank of Pakistan (SBP) has released statistics of ATM transactions during Ramadan and Eid-ul-Fitr. According to the central bank, SBP’s initiative of Special ATM Monitoring during Ramadan & Eid bears substantial results with an average of 96.5% uptime recorded in ATM services which further improved to 98% uptime during the Eid-ul-Fitr holidays. The … Read more

FY21 growth is expected to rise to 3.94%: SBP

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Monetary Policy Committee To Maintain Policy Rate at 7% : SBP

The State Bank of Pakistan (SBP) on Monday announced a nine-month current account is in surplus for the first time in seventeen years. According to the details, SBP in a series of tweets today said that Fiscal Year (2021) FY21 growth is expected to rise to 3.94%, as post-Covid recovery is underway since last summer … Read more

Pakistan’s External Debt, Repayments Declined In Third Quarter

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Monetary Policy Committee To Maintain Policy Rate at 7% : SBP

Pakistan’s external debt and repayments declined in the third quarter of the current financial year. According to the State Bank of Pakistan (SBP), at the end of the first nine months of the current financial year, total external debt servicing reached $10.63 billion, according to central bank data. During the third quarter ended March 31, … Read more

Economic Growth Rate Of Pakistan Projected At 3.94% In Current FY

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PTI founder admits govt saved Pakistan from default

Pakistan’s economy performed better than expected on all major economic indicators during COVID-19, resulting in a growth rate of 3.94% in the current financial year as against minus 0.47% in the previous financial year. According to the report, the growth figures proved to be staggering as the State Bank of Pakistan (SBP) had projected a … Read more

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