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SBP

SBP denies reports of issuing plastic notes

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SBP

KARACHI: The State Bank of Pakistan(SBP) has categorically denied reports of issuing plastic currency notes.

A spokesperson for State Bank of Pakistan , refuted the news of issuing plastic notes has been denied.

The State Bank officials termed as baseless the news of issuing new polymer notes (plastic notes) circulating on social media for the past few days and said that there is no plan or proposal under consideration to make the notes polymer (plastic notes).

It should be noted that the news of issuing new plastic notes to prevent fake currency and giving a briefing to the International Monetary Fund (IMF) delegation in this regard came out couple of days ago.

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SBP to Introduce Plastic Banknotes to Curb Counterfeiting

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SBP to Introduce Plastic Banknotes to Curb Counterfeiting

Today, the ongoing discussions between Pakistan and the International Monetary Fund (IMF) regarding the upcoming loan installment are set to continue. The IMF representatives will be briefed on various issues, including reforms in the Federal Bureau of Revenue (FBR), tax collection, and immediate measures to reduce tax collection for the current fiscal year. Furthermore, officials … Read more

SBP revokes license of another Exchange Company

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SBP revokes license of another Exchange Company

The State Bank of Pakistan (SBP) canceled the license of M/s PBS Exchange Company (Pvt.) Limited due to violations of laws and regulations. As a result, the company’s head office and branches are prohibited from engaging in any foreign exchange business activities. In the past six months, the central bank has suspended or canceled licenses … Read more

State Bank of Pakistan starts process of issuance of new banknote series

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State Bank of Pakistan starts process of issuance of new banknote series

The State Bank of Pakistan (SBP) has started the procedure to create and release a new series of banknotes encompassing all current denominations. Central banks typically introduce new banknote series every 15 to 20 years as a standard practice to maintain the authenticity of banknotes and incorporate the latest design and security advancements. As a … Read more

SBP decides to introduce new currency notes of all denominations

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SBP

KARACHI: State Bank of Pakistan (SBP) has decided to introduce new currency notes of all denominations in the country.

The SBP said new notes will be printed with international security features and this move will prove a setback for those stashing black money in the in country. The new notes will be introduced with covering, serial numbers, and designs.

SBP Governor Jamil Ahmed said competitions will be organized in February for the new design of the currency notes.

He said the new banknotes will carry international standard features to curb the flow of fake currency notes in the country. He said all matters related to the launch of the new currency will be finalized by March 2024.

The SBP governor said that the currency notes will not be replaced at once like in India where such a decision caused chaos.

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SBP launches customer complaint service portal ‘Sunwai’

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SBP
  • ‘Sunwai’ serves as one-window operation for customers.
  • Customers can lodge their complaints related to any product.
  • The each complaint is assigned a unique tracking number.

KARACHI: The State Bank of Pakistan (SBP) has launched a customer complaint service portal and app ’Sunwai’.

‘Sunwai’ serves as a one-window operation for banking customers to register their complaints against Banks, Microfinance Banks (MFBs), and Development Financial Institutions (DFIs) operating in Pakistan.

Now, customers can lodge their complaints related to any banking product or service, including Roshan Digital Accounts (RDA) through Sunwai for their timely resolution.

Sunwai’ is accessible through web browser as well as through mobile application, both at Android and iOS. Registered users can lodge complaints at their convenience in either English or Urdu languages.

Each complaint is assigned a unique tracking number which is communicated to users via SMS and email.

Banks have been advised to ensure prompt and fair resolution of complaints well within turnaround times (TATs) as prescribed by SBP.

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Hajj Applications: Banks to remain open on Saturday, Sunday  

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SBP
  • SBP directed 15 authorized banks to keep branches open.
  • Ministry of Religious Affairs has authorized 15 banks.
  • Hajj Applications collection will continue till Dec 12.

KARACHI: The State Bank of Pakistan(SBP) has announced that branches of authorized banks to remain open on Saturday and Sunday for the collections of Hajj Applications forms along with dues for Hajj 2024.

The SBP on the request of Ministry of Religious Affairs & Interfaith Harmony has directed 15 authorized banks to keep all their designated branches open from 09:00 a.m. to 2:00 p.m. on Saturday and Sunday (i.e. 09-12-2023 and 10-12-2023) throughout the country.

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Deposit Protection Corporation issues annual report for FY2022-23

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DPC
  • Report emphasizes commitment to safeguarding depositors’ funds.
  • The report provides insights into DPC’s performance during the year.
  • DPC provides protection to more than 98% of total 73m depositors.

KARACHI: The Deposit Protection Corporation (DPC), a subsidiary of the State Bank of Pakistan, has released its third Annual Report for the year 2022-23 to enhance awareness among bank depositors and the general public regarding the protection of deposits of its member banks.

The Annual Report emphasizes DPC’s unwavering commitment to safeguarding depositors’ funds, strengthening financial stability, and continually enhancing the horizon of deposit protection.

The report provides insights into DPC’s performance during the year and disclosure of its financial performance. It delves into DPC’s plans and strategic initiatives underscoring the organization’s commitment to strengthen deposit protection.

The coverage and scope of DPC’s deposit protection have been portrayed through statistics and graphical presentations in the report reflecting a clear picture of the Corporation’s safety net.

It reports that DPC provides deposit protection to more than 98 percent of the total 73 million depositors of scheduled banks in Pakistan.

The report also focuses on public awareness with the tagline “Know the deposit protection”. To ensure ease of understanding, frequently asked questions regarding deposit protection have been illustrated pictorially in this segment.

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IMF disburses $1.2b under Stand-By Arrangement: Shamshad Akhtar

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IMF
  • SBA would have two reviews which would be held in Nov 2023 and Mar 2024.
  • The completion of each review would lead to disbursement of remaining amount.
  • She said prices of essential commodities would now gradually come down.

ISLAMABAD Caretaker Minister for Finance and Revenue Shamshad Akhtar informed the Senate that International Monetary Fund (IMF) Executive Board approved the Stand-By Arrangement (SBA) worth $ 3 billion, of which $ 1.2 billion had been disbursed.

Replying to various questions during question hour, she said the duration of the program was 9 months.

The SBA would have two reviews which would be held/completed in November 2023 and March 2024, she added. The minister said the completion of each review would lead to disbursement of the remaining amount. The principal repayment was due within 3.25 years of disbursement in eight equal quarterly installments while the interest rate currently stood at 4.198%, she added.

She said “We have met the target of primary deficit in line with the standby arrangement reached with the IMF,” adding the government had also managed to reduce expenditures. The minister said the prices of essential commodities would now gradually come down as a result of the government effective policies.

To another question, Shamshad Akhtar told that State Bank of Pakistan (SBP) was a body corporate, established under the State Bank of Pakistan Act, 1956 (Act). The oversight of the affairs and functions of the Bank was entrusted to the Board of Directors under the Act, she said.

Moreover, the Board of Directors was empowered, among other things, to make regulations regarding recruitment, compensation and terms of service of employees, she added. She said a total of 1178 employees were working in SBP as on May 29, 2023. Out of total 1101 were regular employees while 77 employees had been appointed on contract basis.

The NC&BS was defined contributory retirement scheme and employees (around 81%) who were currently serving SBP under this scheme were entitled to contributory provident fund and gratuity while the employees serving on OMS (around 19%) were entitled to pension based on the last drawn salary, as end of service benefits, she said.

The minister said a total budget of Rs 6,818 million had been allocated by the SBP for the fiscal year FY 2022-23 for salaries and benefits of employees.

To a separate question, Shamshad Akhtar said that during last three years, 15 Audit teams visited 65 Missions abroad comprising 8, BPS-19 and 20, BPS-18 officers which incurred Rs 46.419 million total expenditure.

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$2.5 bn received in workers remittances last month: SBP

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SBP

KARACHI: The State Bank of Pakistan (SBP) on Friday said workers’ remittances recorded an inflow of US$2.5 billion during October 2023, Bol News reported. “In terms of growth, during October 2023, remittances increased by 11.5 percent on month on month and 9.6 percent on year on year basis. Workers’ remittances inflow of US$ 8.8 billion … Read more

SBP declares bank holiday on Sept 29

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SBP banks holiday

Eid Milad-un-Nabi will be observed on September 29, 2023. Eid Milad-un-Nabi commemorates the birth of the Prophet Muhammad (PBUH). Customers are advised to complete their banking transactions ahead of schedule. The State Bank of Pakistan (SBP) recently declared a public holiday on September 29th in celebration of Eid Milad-un-Nabi. This decision is consistent with the … Read more

SBP to provide interest-free loans to unemployed women for starting businesses

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SBP to provide interest-free loans to unemployed women for starting businesses

DERA ISMAIL KHAN: The State Bank of Pakistan (SBP) is making it possible to provide unemployed women interest-free loans for starting large scale businesses in order to ensure their economic stability. This was stated by State Bank of Pakistan (SBP) Deputy Chief Manager in Dera Ismail Khan Fazal Muqeem while addressing a one-day seminar titled … Read more

State Bank of Pakistan SBP latest job openings 2023

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State Bank keeps Policy Rate steady at 11pc to maintain economic stability

SBP offers 2023 job opportunities in the government and private sectors. To apply for an SBP job, visit the website and create an account. Review the details carefully before submitting your application. Seeking a job in Pakistan? Discover the latest State Bank of Pakistan SBP Jobs 2023, offering job opportunities in both the government and … Read more

SBP hold unique Art Exhibition on 75 years of its inception

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SBP
  •  The exhibition aimed at celebrating 75-year journey of SBP.
  • Deputy Governor SBP showed his gratitude to all artists.
  • Artists across country took keen interest for participation.

KARACHI: An art exhibition titled ‘Resurgence: A Kaleidoscope of Dreams’ was held at the SBP Museum at Karachi.

The exhibition aimed at celebrating the 75-year journey of SBP and Pakistan’s national development, and provided a platform to talented young artists from across the country to envision a progressive future.

In his speech Deputy Governor SBP Dr. Inayat Hussain said that art has an enchanting ability to capture the essence of the times we live in. Appreciating the high standard of the art work in the exhibition, he noted that as we traverse through the various pieces displayed, we can vividly observe how the young artists have interpreted and responded to the changing world around them.

He congratulated members of the selection committee and organizers of the event for gathering creative talents from all parts of the country for demonstration of individualism and versatility.

Dr. Hussain went on to add that the exhibition encapsulated the spirit of Pakistan’s past, present and future and underscored the importance of diversity. He elucidated the array of styles, mediums, and perspectives represented here mirrors the diversity that enriches our society.

He showed his gratitude to all participating artists who showcased the diverse artistic talent in their special mediums. At the end of his address he declared the exhibition open.  The exhibition will remain open to the general public for two weeks from its opening day.

The exhibition showcases the exceptional talent of emerging artists, hailing from all four provinces, Gilgit-Baltistan and Azad Kashmir. Through diverse artistic expressions, the young artists incorporated the essence of Pakistan’s cultural heritage, social progress, and aspirations of people of Pakistan.

It may be noted here that the artists were encouraged to submit artworks in various mediums such as paintings, sculptures, and mixed media. The title of the exhibition, ‘Resurgence: A Kaleidoscope of Dreams’ portrays the spirit of Pakistan’s past, present, and future.

The participating artists interpreted the exhibition theme in their own unique style, highlighting the collective resilience, growth, and hopes of the nation.

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SBP reserves drop to $7.85 billion, decreasing by $81 million

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SBP reserves drop to $7.85 billion, decreasing by $81 million

The State Bank of Pakistan’s foreign exchange reserves decreased by $81 million. The total liquid foreign currency reserves of Pakistan decreased by $77 million in the same week. The central bank’s reserves have decreased by $878 million since July 14. The central bank’s foreign exchange reserves decreased by $81 million weekly, as per the State … Read more

SBP to issue Rs100 coin to commemorate 10 years of CPEC

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SBP
  • CPEC contributed greatly to Pakistan’s infrastructure.
  • Govt decided to issue a commemorative coin of Rs.100.
  • The coin shall be issued through the exchange counters.

KARACHI: State Bank of Pakistan (SBP) to Issue Rs 100 Commemorative Coin to mark 10th anniversary of the China-Pakistan Economic Corridor(CPEC).

The China-Pakistan Economic Corridor (CPEC) has contributed greatly to Pakistan’s infrastructure and economic development since its decade of inception in 2013.

To mark the occasion of the 10th anniversary of the China-Pakistan Economic Corridor, the Government of Pakistan has decided to issue a commemorative coin of Rs.100.

The coin shall be issued through the exchange counters of SBP Banking Services Corporation from August 11, 2023.

The coin is round milled with serrations on the edge, diameter of 30.00 mm, weight 13.5 grams, and has Cupro-Nickel metal contents (Copper 75% & Nickel 25%).

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SBP decides to keep key policy rate unchanged at 22%

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Key policy rate in Pakistan

The State Bank of Pakistan (SBP) has decided to maintain the key policy rate at 22%, a move that came as a surprise to the market. The announcement was made by SBP Governor Jameel Ahmed after the Monetary Policy Committee (MPC) meeting. During a press conference, Governor Ahmed projected a growth rate of 2% to … Read more

Ramadan 2023 banking timings: SBP announces schedule

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Ramadan 2023 banking timings

KARACHI: The State Bank of Pakistan (SBP) announced the timings for the banking sector for the holy month of Ramadan. According to a notification issued by the SBP, the time has been updated for both public dealing and office timings. Public dealing timings: Monday to Thursday — 9am to 2pm (without break) Friday — 8:30am to … Read more

SBP announces bank holiday on Mar 24

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SBP revokes license of another Exchange Company
  • All banks shall therefore, remain closed for public dealing.
  • However, all employees of the banks will attend the office.

KARACHI: The State Bank of Pakistan (SBP) will remain closed for public dealing on Friday, March 24, 2023, which shall be observed as ‘Bank Holiday’ for the purpose of deduction of Zakat, since 1st of Ramadan-ul-Mubarak, 1444 A.H. is likely to fall on Thursday, March 23, 2023 (already being a public holiday).

All banks / DFIs / MFBs shall, therefore, remain closed for public dealing on the afore-mentioned date.

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Industrialists, businessmen rejects exorbitant increase in policy rate

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Industrialists
  • President SITE said SBP has dropped the interest bomb.
  • He demanded the government not to succumb to the pressure.
  • NKATI president requested the PM to withdraw the decision.

KARACHI: President SITE Association of Industry Riaz Uddin, while rejecting exorbitant increase in policy rate, saying that the MPC of SBP has dropped the interest bomb by jacking up the policy rate to 20% which will increase the KIBOR market to 22-23% making it impossible for the businesses to borrow money from the banking system.

Besides hitting the local Industry and Trade, the Export business will also be rendered uncompetitive whose refinance scheme is under jeopardy

As a result of such harsh measures, there will be a total collapse in the economy which is already in a negative growth mode as against last year’s growth rate of 6%, added the President SITE Association.

Riaz Uddin further said that in addition to today’s increase in interest rates, the earlier knee-jerk actions taken by the government, on the IMF-diktat such as the additional taxation measures, increase in energy rates, removal of concessionary tariff for the exporting industry and withdrawal of other subsidies have all been anti-business and anti-economic growth measures.

SITE Association of Industry demanded the Government and SBP not to succumb to the pressure of the Foreign Lenders to the detriment of our own country.

On the other hand, President North Karachi Association of Trade & Industry (NKATI) Faisal Moiz Khan, while expressing serious concerns over discontinuation of the Zero Rated Industrial (ZRI) package for the export-oriented sector under the pressure of the International Monetary Fund (IMF), has rejected the Federal Cabinets’ decision.

In an appeal, NKATI president requested the Prime Minister Shehbaz Sharif and Federal Minister Energy Engr. Khurram Dastgir to withdraw the decision to discontinue the ZRI facility for zero-rated export industries in the best interest of the country’s economy. Otherwise, it will have a devastating impact on export industries, especially small and medium industries (SMEs) including textiles.

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SBP receives $700mn loan from Chinese bank

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State Bank of Pakistan received $700mn loan from China Development Bank.

SBP has received $700 million financing from China Development Bank The foreign reserves have reached close to $4 billion Finance Minister Ishaq Dar announced the loan facility KARACHI: State Bank of Pakistan (SBP) has received $700 million financing from China Development Bank (CDB). Sources within the Finance Ministry said Pakistan has received the loan from … Read more

CDB approves $700 mln for Pakistan: Ishaq Dar

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CDB approves
  • He said SBP was expected to receive amount in a week.
  • He said this will shore up country’s forex reserves.
  • Finance Minister said all formalities completed.

ISLAMABAD: Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar said here on Wednesday that the Board of China Development Bank (CDB) has approved a US $700 million facility for Pakistan.

In his tweeter message, Ishaq Dar said that the State Bank of Pakistan (SBP) was expected to receive this amount in the ongoing week which shore up the country’s forex reserve.

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Rupee gains 61 paisas against dollar on foreign inflow hopes

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Rupee

KARACHI: The rupee appreciated 61 paisas against the dollar on Wednesday, as the market is expecting inflows from friendly countries; following approval of the International Monetary Fund (IMF) loan programme, dealers said. The rupee closed at Rs261.90 against the greenback from the previous day’s closing of Rs262.51 in the interbank foreign exchange market. The local … Read more

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