KARACHI: As per the market expectations, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) on Tuesday kept the key policy rate intact at 7 per cent for the next two months. Recently Topline Research conducted a poll of key financial market participants regarding monetary policy. A total of 62 participants took … Read more
ISLAMABAD: The country’s flagship project, Pakistan Stream Gas Pipeline (PSGP), will be financed through the Gas Infrastructure Development Cess (GIDC), an official said on Monday. During a meeting of the Senate Standing Committee on Petroleum, held under the chairmanship of Senator Muhammad Abdul Qadir, Petroleum Division secretary Dr Arshad Mahmood said that this joint venture … Read more
KARACHI: Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has launched ‘Dost’, a mobile-based application that provides a complete digital banking ecosystem to its customers and gives them hassle-free access to the financial services round-the-clock, a statement said on Thursday. The latest addition to the MMBL ecosystem reflects the bank’s relentless pursuit for innovation … Read more
KARACHI: The State Bank of Pakistan (SBP) on Monday said it has taken various measures to enhance responsible complaint handling by the banks. The central bank said it is in continuous pursuit of strengthening the consumer protection regime and the market conduct of the industry. Among other efforts, the central bank is focusing on improvement … Read more
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
KARACHI: The State Bank of Pakistan (SBP) has made amendments to the foreign exchange regulations for facilitating export transactions through the Pakistan Single Window (PSW), a statement issued by the bank said on Friday. “The key changes included amendments in regulations to facilitate export transactions through the PSW when it becomes operational,” it said. This … Read more
State Bank has announced new timings for banks that will be followed in the month of Ramadan. As per the details, the state bank spokesperson said that all banks will be opened at 10 am and will be closed at 1:30 pm. These timings will be followed from Monday to Thursday for business transactions. All … Read more
The value of the US Dollar has risen to Rs 169 in the open market. According to the details, after the increasing of the US Dollar in the open market, it has risen by 60 paise, after which the US Dollar has increased from Rs 168.40 to 169 rupees. [embedpost id=”50366″ slug=”latest-gold-rate-in-pakistan-10-august-2020″] The Forex dealers … Read more
State Bank of Pakistan has released 3rd Quarterly Report for for the year 2019-20. According to the report released by the SBP, inflation will remain at 7-9% this financial year. [embedpost id=”50366″ slug=”psx-becomes-2nd-best-performer-internationally”] The report also said that the inflation rate in July was higher than expected. According to the report, inflation stood at 9.30% … Read more
The State Bank of Pakistan has reduced the markup rate on investment under SBP’s Temporary Economic Refinance Facility (TERF) to 5% (from 7%) and on Long Term Financing Facility. According to the details, SBP reduces markup rate on investment under SBP’s Temporary Economic Refinance Facility (TERF) to 5% (from 7%) and on Long Term Financing … Read more
State Bank of Pakistan will be closed for public transactions on Wednesday, July 1, 2020 on the occasion of “Bank Holiday”. According to a statement issued by the State Bank of Pakistan, the SBP will be closed for public transactions on Wednesday, July 1, 2020 on the occasion of “Bank Holiday”. [embedpost id=”50366″ slug=”state-bank-of-pakistan-brings-policy-rate-to-7″] It … Read more
The State Bank of Pakistan has proposed to abolish withholding tax (WHT) on cash withdrawal from banks in Budget 2020-21. It has also asked for doing away with Super Tax on the banking sector. The State Bank of Pakistan has also suggested a tax exemption for the Corporate Restructuring Company (CRC) for five years from … Read more
The State Bank of Pakistan (SBP) has released a report on the impact of Coronavirus pandemic on the economy. According to the SBP, the coronavirus has affected trade, remittances and investment, while the global economy has also suffered. The report said lower oil prices benefited importing countries. SBP stated that the Coronavirus has affected business … Read more
The State Bank of Pakistan has issued the laws regarding Zakat deduction in Ramadan. SBP has stated Zakat deduction. As per the statement, Zakat will be deducted from the savings account having an amount of Rs 46,329 or more. Poverty Alleviation and Social Division issued a notification in which it was mentioned that no Zakat … Read more
The State Bank of Pakistan (SBP) has announced relief for the consumers after the coronavirus outbreak. The banks and development finance institutions (DFIs) would defer the principal amount on consumer loans to support the borrowers in the ongoing coronavirus situation. The SBP posted on their official twitter account that borrowers availing consumer finance for auto, … Read more
The State Bank of Pakistan (SBP) has received $1.2 billion from the Asian Development Bank (ADB) under the budget support fund. According to the details, SBP on its official twitter handle confirmed the transfer of the loan amount to Pakistan. #SBP receives #USD 1.2 bn from #AsianDevelopmentBank | @ADB_HQ #Pakistan — SBP (@StateBank_Pak) December 9, … Read more
A seminar on “Business Development for Women Entrepreneurs” held at the Lahore Chamber of Commerce & Industry in collaboration with the LCCI, State Bank of Pakistan (SBP) and Federal Board of Revenue (FBR). LCCI Senior Vice President Ali Hussam Asghar, SBP Assistant Chief Manager- Refinance Sara Riaz, Commissioner Inland Revenue RTO II FBR Ayesha Imran … Read more
The State Bank of Pakistan (SBP) has announced its monetary policy for the next two months on Nov 22 (Friday). According to details, Governor State Bank Baqir Raza chaired a meeting regarding monetary policy for the next 2 months of the current fiscal year at the Karachi Head Office on Friday. A statement issued by … Read more
Governor State Bank of Pakistan, Dr. Reza Baqir, appreciated the banks for their efforts in increasing the bank credit to the agriculture sector, which reached its historical high by end of FY19. ‘It is for the first time in Pakistan’s history that credit to the agriculture sector has surpassed one trillion rupees,’ said the Governor … Read more
The Lahore Chamber of Commerce & Industry welcomed State Bank of Pakistan’s decision to allow advance payments up to $ 10,000 per invoice on behalf of importers/exporters for import of raw materials and spare parts on Wednesday. The LCCI President Irfan Iqbal Sheikh, said that SBP deserves appreciation for accepting LCCI demand for advance payment. … Read more
Prime Minister Imran Khan met with the President of World Bank David Malpass. The meeting discussed the stability of the Pakistani economy and the need for significant reforms. Dollar pricing issues were also discussed in the meeting. The World Bank officials and government delegation attended the meeting in Islamabad. Advisers to finance Abdul Hafiz … Read more
