Remittances from overseas Pakistanis continue to rise, reaching a record high of 2 2.8 billion in April 2021. According to the State Bank of Pakistan (SBP), remittances in April were 56 per cent higher than a year ago. In the fiscal year 2021, from July to April, total remittances from overseas workers reached an unprecedented … Read more
Nine people have been arrested for selling fresh currency notes ahead of Eid Al-Fitr in Karachi’s Kharadar area despite orders of not issuing new notes due to COVID-19.
According to reports, fresh currency notes were sold in Kharadar area of Karachi with sellers seeking extra money to provide the notes.
Note that the State Bank of Pakistan (SBP) had announced that it will not be issuing new notes on Eid-ul-Fitr this year due to the coronavirus pandemic.
“Like last year, we will not be issuing new banknotes on Eid-ul-Fitr due to the spread of the coronavirus pandemic,” said the SBP in a statement.
The central bank used to issue new notes on Eid every year as people want to give Eidi to kids using new banknotes.
However, this year the government is urging people not to celebrate Eid with the usual scope due to the deadly COVID-19 outbreak.
The State Bank of Pakistan (SBP) has announced that it will not be issuing new notes on Eid-ul-Fitr this year due to the coronavirus pandemic.
“Like last year, we will not be issuing new banknotes on Eid-ul-Fitr due to the spread of the coronavirus pandemic,” said the SBP in a statement.
The central bank used to issue new notes on Eid every year as people want to give Eidi to kids using new banknotes.
However, this year the government is urging people not to celebrate Eid with the usual scope due to the deadly COVID-19 outbreak.
On the other hand, the National Command and Operation Centre (NCOC) has announced six-day Eid holidays in Pakistan amidst the sharp rise in COVID-19 cases and also suggested everyone to stay at home.
A meeting of NCOC also reviewed oxygen supplies in the country, the COVID-19 vaccination process, Eid policy and other matters.
The State Bank of Pakistan (SBP) changed on Thursday the banking hours owing to the rampant increase in the coronavirus cases. According to the notification issued in this regard, the working hours were cut short under the federal government directives. “In line with the decision of National Command & Operation Centre (NCOC) to contain the … Read more
On Saturday, Prime Minister Imran Khan expressed his gratitude towards overseas Pakistanis as the funds received through Roshan Digital Account have crossed $1bn.
PM Khan took to the micro-blogging site Twitter to thank all the overseas Pakistani for their overwhelming response.
“Alhamdulillah, funds received through #RoshanDigitalAccount have crossed $1bn. I would like to thank our overseas Pakistanis for their overwhelming response; also appreciate the efforts of SBP & banks for achieving this significant milestone in such a short period. #1billionRDA”, wrote PM Khan.
Alhamdulillah, funds received through #RoshanDigitalAccount have crossed $1bn. I would like to thank our overseas Pakistanis for their overwhelming response; also appreciate the efforts of SBP & banks for achieving this significant milestone in such a short period. #1billionRDApic.twitter.com/YNksGLXzpM
On the other hand, the State Bank of Pakistan (SBP) also announced that “exciting new products will also be announced”
Fund inflows through #RoshanDigitalAccount have crossed $1 billion in just over 7 months. An event to thank our Overseas Pakistanis for their extraordinary response is being planned soon. Exciting new products will also be announced. #1billionRDApic.twitter.com/MCWLqsBkum
State Bank of Pakistan (SBP) with the support of eight major banks in the country launched the Roshan Digital Account project under which Pakistani diaspora could be able to avail the banking facility from a digital payment system and the consumers would be able to open their bank accounts without visiting bank, embassy or consulate.
Under the initiative, the Pakistanis living abroad would be able to operate their accounts without visiting the country and could avail facilities of direct banking, bill payment and other e-commerce facilities.
In a major development in the sugar scam inquiry, 36 bank accounts of Jahangir Tareen family have been seized by the State Bank of Pakistan (SBP). According to the details, of the 36 seized accounts, 21 of them owned by Jahangir Tareen’s son Ali Tareen, 14 accounts were owned by Jahangir Tareen himself whereas the … Read more
The International Monetary Fund (IMF) has warned that Pakistan’s growth rate will remain at 1.5 per cent this year, while inflation and unemployment will rise. In its latest report on the Pakistani economy, the IMF said the prospects for recovery were slim this fiscal year. According to the International Monetary Fund, the economy will grow … Read more
State Bank of Pakistan (SBP) has thanked all the overseas Pakistanis for supporting Roshan Digital Account as its deposits have crossed $800mn, after an inflow of $212mn in March.
SBP tweeted,
“A big thanks to our Overseas Pakistanis! #RoshanDigitalAccount deposits have crossed $800mn, after an inflow of $212mn in March.”
A big thanks to our Overseas Pakistanis! #RoshanDigitalAccount deposits have crossed $800mn, after an inflow of $212mn in March. Inflows have been accelerating every month since the RDA launch in September 2020. To learn more about RDA, visit https://t.co/VFN8sp3BBYpic.twitter.com/GyNnATKilp
SBP also told that the Inflows have been accelerating every month since the RDA launch in September 2020.
Roshan Digital Account:
State Bank of Pakistan (SBP) with the support of eight major banks in the country launched the Roshan Digital Account project under which Pakistani diaspora could be able to avail the banking facility from a digital payment system and the consumers would be able to open their bank accounts without visiting bank, embassy or consulate.
Under the initiative, the Pakistanis living abroad would be able to operate their accounts without visiting the country and could avail facilities of direct banking, bill payment and other e-commerce facilities.
The International Monetary Fund (IMF) has released $500 million to support Pakistan’s economy. According to sources, this amount of money has been given to Pakistan by the IMF for the third instalment of the loan program. Pakistan has borrowed $6 billion from the IMF and Pakistan has so far received 1. 1.95 billion from the … Read more
Newly-appointed Finance Minister Hammad Azhar discussed financial affairs with Governor State Bank Raza Baqir in Islamabad here on Tuesday (today).
Governor State Bank of Pakistan, Dr. Reza Baqir calls on Federal Minister for Finance and Revenue, Muhammad Hammad Azhar at Finance Division, today. pic.twitter.com/Abqa1G6aoC
— Government of Pakistan (@GovtofPakistan) March 30, 2021
Minister for Industry and Production Hammad Azhar was appointed as the new finance minister on Monday after replacing Dr Hafeez Shaikh over “his poor performance due to rising inflation” in the country.
According to sources, Hamad Azhar is being made the finance minister in view of his double budget presentation.
The Prime Minister was worried about inflation while Abdul Hafeez Shaikh as Finance Minister failed to control inflation, sources added.
The second reason for removing Hafeez Shaikh is the order of the Islamabad High Court (IHC) that only elected representatives can head the cabinet committee.
Following the court’s decision, Hafeez Shaikh was promoted from Finance Adviser to Finance Minister and sworn in as Finance Minister on December 10.
The Prime Minister has also decided to give the pen to the elected representative for negotiations and budget with the IMF.
Prime Minister Imran Khan has on Sunday said that Naya Pakistan Housing Scheme is the most important and beneficial project for the development of our country and the youth.
While addressing the live telethon transmission regarding Naya Pakistan Housing Scheme, PM Imran said that Pakistan is bound with debt and we are trying to increase our national wealth through these projects for the betterment of our economy.
He further said that the construction of houses will provide employment opportunities to the masses.
The premier said, “For the first time in Pakistan, this project is giving the opportunity to provide the salaried employees their own house.”
PM Imran, while vowing to remove every obstacle in the way of the construction of affordable housing, said that the project of affordable housing is going to accelerate, the project of affordable housing will open the doors of employment.
He went on to add that in Pakistan said that it is not customary to buy a house by taking a loan from banks. However, in other countries including Europe, people buy their own house by taking a loan from banks.
Moreover, the citizens are participating live in the telethon transmission and asking the entire procedure of applying for the loan in the housing scheme.
Also, Minister for Information Shibli Faraz while speaking on the telethon said that Prime Minister Imran Khan is committed to make Pakistan a welfare state.
He said, “Prime Minister’s scheme for low-cost housing is aimed at providing housing facilities to the common people.”
“The success of the scheme depends on the role of the banks,” he said adding, “The government is ensuring that banks facilitate people without any difficulties.”
Moreover, Chairman Naya Pakistan Housing Authority Lt Gen (R) Anwar Ali Haider said that “the process of providing loans to the people under this low-cost housing scheme has begun”.
Earlier in the day, Pakistan Tehreek-e-Insaf (PTI) leader Faisal Javed Khan took to his Twitter and invited the nation to address their concerns about the project.
نیا پاکستان ہاؤسنگ پروگرام کے تحت گھروں کیلئے آسان اقساط پر قرضوں کی فراہمی سے متعلق معلومات لینے کے لیے اس ٹرانسمیشن کا حصہ بنیں- آج شام ساڑھے چار بجے۔
انشاء اللہ وزیراعظم عمران خان بذریعہ فون مختصر وقت کے لئے اس ٹرانسمیشن میں شرکت کریں گے- pic.twitter.com/hNvMrGWhTd
Pakistan recorded a 30% increase in the assets of Islamic banks during the fiscal year 2020. According to the details, a report released by the State Bank of Pakistan states that the total deposits of the Islamic banking industry increased by 27.8% in 2020. The report said the increase in assets was the highest in … Read more
The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has 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 … Read more
The State Bank of Pakistan (SBP) says that the central bank’s reserves increased by $90 million in one week, after which the foreign exchange reserves increased to more than $12.9 billion. According to the details, the SBP said that the foreign exchange reserves of the central bank increased to more than $12.9 billion, while the … Read more
Governor State Bank of Pakistan (SBP) Dr. Reza Baqir says Roshan Digital Account has become a successful international account program after more than 92,000 Roshan Pakistan digital accounts opened in 97 countries in just five months. In a video message on the occasion of the Roshan Pakistan Digital Accounts ceremony organized under Dubai Islamic Bank, … Read more
The State Bank of Pakistan (SBP) has announced that the current account deficit has decreased to $229 million from US$652 million last month. The SBP Tweeted, “In January 2021, current account deficit reduced to $229mn from $652mn last month. For the first 7 months of FY21, the current account surplus is $912mn, a significant turnaround … Read more
State Bank of Pakistan (SBP) Governor Reza Baqir on Friday said that over $480 million have been deposited in Roshan Digital Accounts so far by the overseas Pakistanis.
In this regard, Prime Minister Imran Khan has on Tuesday thanks the Overseas Pakistanis for responding so strongly to SBP’s move.
In a tweet today, the premier wrote, “I want to thank our Overseas Pakistanis for responding so strongly to SBP’s #RoshanDigitalAccounts. 87,833 accounts opened from 97 countries around the world. $500 million sent to Pakistan in just 5 months. Momentum continues to rise with $243 million coming in last 6 weeks alone.”
I want to thank our Overseas Pakistanis for responding so strongly to SBP’s #RoshanDigitalAccounts. 87,833 accounts opened from 97 countries around the world. $500 million sent to Pakistan in just 5 months. Momentum continues to rise with $243 million coming in last 6 weeks alone
PM Imran had earlier directed the NBP to launch Roshan Digital Accounts to facilitate the Pakistani expats.
Earlier on December 24, PM Imran had taken to Twitter to thank overseas Pakistanis for remitting over $200 million through Roshan Digital Accounts.
“I want to thank our great asset, Overseas Pakistanis. MashaAllah funds sent by them through #RoshanDigitalAccounts created by SBP crossed $200 mn yesterday. The pace is accelerating: first $100 mn came in 76 days & the next $100 mn came in only 28 days,” he had written.
State Bank of Pakistan (SBP) rejected the message circulating on social media that the SBP has been instructed to limit the withdrawal of cash from ATMs to Rs 1,000. According to the statement issued on Twitter, SBP categorically rejects the false message making rounds on social media, attributing to it that ATM cash withdrawal limit … Read more
The State Bank of Pakistan will announce the monetary policy today. According to the details, SBP Governor Dr Reza Baqir will address the media after announcing the policy rate, which has been kept unchanged since July at 7 per cent. Following the novel coronavirus pandemic in Pakistan, the monetary policy became the focal point for … Read more
According to the data released by the State Bank of Pakistan (SBP), the foreign exchange reserves increased by $6.9 million.
During the last week, the country’s foreign exchange reserves increased by $6.9 million. On the other hand, the central bank reserves were decreased by $12.3 million.
As per the details, the country’s foreign exchange reserves stood at 20.51 billion dollars last week.
The central bank’s reserves fell by $12.3 million to a record $13.4 billion and the reserves of commercial banks increased by $19.2 million to $7.119 billion.
In December 2020, the foreign exchange reserves rose 1.43%, held by the central bank, on a weekly basis.
The foreign currency reserves on December 4 held by the SBP were recorded at $13,298.5 million, up to $188 million compared with $13,110.9 million in the last week.
According to the details provided by the central bank, SBP received $359 million from multilateral/ bilateral sources during the week ended December 4, 2020, including $307 million from the Asian Development Bank (ADB).
The State Bank of Pakistan released its First Quarterly Report on The State of Pakistan’s Economy for the fiscal year 2020-21 today covering the period July – September 2020. The report finds that there were encouraging indications during Q1-FY21 that Pakistan’s economy was regaining its pre-Covid trajectory. The recovery in economic activities was evident across … Read more
KARACHI: Private sector borrowing from banks has declined by 88% in the first five months of this year, reflecting sluggish economic activity. According to the data issued by State bank of Pakistan (SBP), the total credit extended to the private sector during the period from July 1 to December 11 was only Rs 10.30 billion … Read more
Prime Minister (PM) Imran Khan has summoned a meeting of the National Coordination Committee on Housing, Construction, and Development on Thursday. According to the details, scheduled at 3 pm, the meeting will be chaired by the Prime Minister. The meeting will be attended by federal ministers, advisers, special assistants, and officials of the Naya Pakistan … Read more
All banks across the country will be closed on Friday 25th, December 2020 on account of Quaid-e-Azam / Christmas. According to the details, this announcement is in line with the holidays declared by the government for the year 2020. On the other hand, the Embassy of Pakistan in Dublin will also remain closed on Friday. … Read more
The State Bank of Pakistan has presented a new initiative to reduce the gender gap in financial inclusion. SBP is hosting a webinar on ‘consultative launch of banking on equality policy: reducing the gender gap in financial inclusion’ on Monday (December 21). As per the details, the Webinar will be made live on the bank’s … Read more
The State Bank of Pakistan (SBP), has remitted Rs. 657.3 billion principal repayments of loans up to one year under its refinancing scheme for protecting businesses from the impact of the novel coronavirus. According to the details, the Central Bank also allowed restructuring or rescheduling of around Rs. 238.236 billion so far. The number of … Read more
The Central Bank has said that remittances from overseas Pakistanis into Roshan Digital Account touched another daily high on Monday. According to the State Bank of Pakistan, “Inward remittances from overseas Pakistanis into #RoshanDigitalAccount touched another daily high with inflows of $11.2 million on 11Dec20. To this date, total inward remittances into RDA have reached … Read more
The US Dollar gained 26 paise against the Pakistani Rupee in the interbank on the first day of the business week. According to the details, in the interbank market, the dollar rose from Rs 160.14 to Rs 160.40 on Monday. Earlier State Bank of Pakistan (SBP) revealed that the country’s net foreign reserves jumped by … Read more
