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SBP

SBP extends Nadra’s verification system deadline till December 31

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SBP extends Nadra’s verification

SBP extends Nadra’s verification: The central bank has extended the last date for the National Database Registration Authority’s (Nadra) verification system for banking customers till December 31, 2021, a notification issued on Monday said. The State Bank of Pakistan (SBP) has granted an extension to banks for using Verisys in place of obtaining photocopies of … 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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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

Pakistan’s Remittances Hit Record High Of $2.8 Billion In April

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Pakistan's Remittances Hit Record High Of $2.8 Billion In April

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

SBP changes bank timings due to COVID-19 outbreak

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

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

PM Imran to announce two new projects for overseas Pakistanis

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Pakistan's GDP

Prime Minister Imran Khan will launch two projects for overseas Pakistanis who have availed from the Roshan Digital Account scheme in his address on Thursday. According to the details, the announcement was made the Pakistan Tehreek e Insaf Senator Faisal Javed Khan on his official Twitter handle. Faisal Javed said that the State Bank of … Read more

Pakistan’s Forex Reserves Rise To $23.22 Billion: SBP

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Banks In Pakistan To Observe Normal Working Hours From Today

The State Bank of Pakistan (SBP) said in a statement that the country’s foreign exchange reserves reached $23.22 billion. From April 2 to April 9, the country’s foreign exchange reserves increased by 2.5 2.54 billion, according to data released by the central bank. According to the central bank, the country’s total foreign exchange reserves currently … Read more

Pakistan Records 30% Increase In Assets Of Islamic Banks In FY20

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Pakistan Records 30% Increase In Assets Of Islamic Banks In FY20

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

SBP Unveils Monetary Policy, Interest Rate Maintained At 7%

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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 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

SBP Rejects Rumors Circulating On Social Media About ATM Withdrawal Limit

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Pakistan's Total Liquid Foreign Reserves Surge To $20.16 Billion

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

State Bank of Pakistan to announce Monetary Policy today

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

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

PM held separate meetings with Zaidi, Baqir and Religious Scholars

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PM

Prime Minister Imran Khan on Tuesday held separate meetings with Minister for Maritime Affairs Syed Ali Zaidi, Governor State Bank Dr Reza Baqir and a delegation of Ulema and Mashaikh council to discuss the current situation. According to the details, Minister for Maritime Affairs Syed Ali Zaidi the Prime Minister about an important Pak-China joint … Read more

SBP Releases First Quarterly Report on Economy For FY21

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

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

Banks to be closed on December 25 for Quaid-e-Azam day/Christmas

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State Bank of Pakistan

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

Webinar: SBP introduces plans to promote women’s financial inclusion

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State Bank of Pakistan

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

Business Protection Scheme: SBP remits Rs. 657.3 billion of loans

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State Bank of Pakistan

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

US dollar Appreciates against Rupee in interbank market

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Dollar

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

SBP reserves increased from $188m to $13.29b

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USD TO PKR

According to the data released by the State Bank of Pakistan (SBP), 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).

“After accounting for external debt repayments, the SBP reserves increased by $188 million to $13,298.5 million,” it added.

The liquid foreign currency reserves held by the country stood at $20,402.4 million, including net reserves held by banks other than the SBP. Net reserves held by banks amounted to $7,103.9 million.

It should be mentioned here that on July 9, 2019, Pakistan received the first loan tranche from the IMF of $991.4 million which helped to increase the reserves.

In late December, the IMF released the second loan tranche of around $454 million.

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