KARACHI: The State Bank of Pakistan (SBP) hosted a discussion on digital banks with the objective to share information on SBP’s licensing and regulatory framework for digital banks, a statement said on Saturday. The webinar was aimed at sharing the broad contours of SBP’s initiative and the experiences of other international players. The discussion began … Read more
KARACHI: The State Bank of Pakistan (SBP) is likely to consider the repercussions of high prices of oil and other commodities in the international markets, while announcing the monetary policy, which is scheduled for March 8, 2022. The SBP announced the first inflationary pressureof this year on January 24, 2022 and kept the key discount … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) has advised the Small and Medium Enterprises (SME) sector to use the banking channel for all inwards and outwards overseas remittances, a statement said. The Unisame urges the SMEs not to indulge in transactions outside the banking channels despite getting better rates from money exchangers. Unisame … Read more
KARACHI: To accelerate digitalisation of retail payments, the State Bank of Pakistan (SBP) has issued standards for Quick Response (QR) code-based payments in Pakistan, a statement said on Wednesday. These standards are to be met for issuing QR codes and accepting the payments through the same. This initiative is a part of the SBP’s drive … Read more
KARACHI: The rupee recovered six paisas against the dollar on Tuesday owing to ease in the foreign currency demand for external payments. The exchange rate ended at Rs177.41 to the dollar from the previous day’s closing of Rs177.47 in the interbank foreign exchange market. The dealers said that the market witnessed ease in the dollar … Read more
KARACHI: The profit before tax of Standard Chartered Bank Pakistan Limited (SCBPL) recorded a growth of 5 per cent to Rs24.8 billion in 2021, compared with Rs23.6 billion in 2020. Performance was driven by strong balance sheet growth, continued productivity improvements and risk discipline. The bank’s revenue was lower by Rs3.5 billion primarily due to … Read more
KARACHI: The rupee fell 23 paisas against the dollar on Thursday, amid fears of further rise in the international oil prices after Russia attacked Ukraine, dealers said. The exchange rate ended at Rs176.39 against the greenback from the previous day’s closing of Rs176.16 in the interbank foreign exchange market. The dealers said the forex market … Read more
KARACHI: The rupee recovered 7 paisas against the dollar on Wednesday as the international oil prices recorded a decline. The exchange rate ended at Rs176.16 to the dollar, as compared with Rs176.23 the previous day in the interbank foreign exchange market. The dealers said that the declining trend in the global crude oil prices helped … Read more
KARACHI: The State Bank of Pakistan (SBP) will launch the electronic warehouse receipt financing (EWRF) for maize crop on February 22, at an event in Tehsil Chunian, District Kasur, a statement said. At the event banks will be signing their system usage agreements with Naymat Collateral Management Company Ltd (NCMCL) to commence operations under this … Read more
KARACHI: The rupee recovered 11 paisas against the dollar on Monday owing to an ease in the global oil prices. The exchange rate ended at Rs175.75 to the dollar from last Friday’s closing of Rs175.86 in the interbank foreign exchange market. The dealers said that the reports of possible diplomatic talks on Russia-Ukraine tensions had … Read more
Bank Alfalah to expand earnings Bank Alfalah Limited’s balance-sheet is geared up to expand earnings in rising interest rate scenario, while higher concentration towards zero-cost deposits will restrict the cost of funds at manageable levels. Moreover, the net interest margins (NIMs) expansion is likely to continue in CY22 due to higher portion of shorter duration … Read more
KARACHI: The rupee is expected to remain unstable next week, owing to the uncertainty in the international oil prices and a surge in the domestic demand for imported goods, analysts said. The local currency remained dependent on the movement of international oil prices during the outgoing week. It lost 39 paisas against the dollar during … Read more
KARACHI: The deposits of the banking system have dropped over Rs1 trillion in January 2022 after declining from a record high of around Rs21 trillion in December 2021, according to the data released by the State Bank of Pakistan (SBP). The total deposits of the banking system fell to Rs19.95 trillion by the end of … Read more
KARACHI: The dollar rebounded against the rupee by 47 paisas on Friday owing to weekly demand and high oil prices. The exchange rate ended at Rs175.86 to the dollar from the previous day’s closing of Rs175.39 in the interbank foreign exchange market. The rupee made gains during the past two trading sessions owing to ease … Read more
KARACHI: Pakistan’s liquid foreign exchange reserves slipped $231 million to $23.49 billion by the week ended February 11, 2022, official statistics revealed. The foreign exchange reserves of the country stood at $23.721 billion by the week ended February 4, 2022, according to the statistics released by the State Bank of Pakistan (SBP). The official foreign … Read more
KARACHI: The State Bank of Pakistan (SBP) on Wednesday enhanced the scope of the Export Finance Scheme (EFS) to facilitate exporters and encourage timely inflow of foreign exchange, a statement said. The central bank enhanced the scope of EFS of both conventional as well as Sharia based, allowing the exporters to obtain financing against their … Read more
KARACHI: The State Bank of Pakistan (SBP) has enhanced the indicative credit limits for agriculture financing by banks to farmers to align the amount of financing with agriculture input requirements, a statement said on Wednesday. The enhanced indicative credit limits for production and development loans of farm and non-farm sector will directly benefit agriculture borrowers, … Read more
KARACHI: The rupee declined 31 paisas against the dollar on Tuesday, as international oil prices recorded a further rise, dealers said. The exchange rate ended at Rs175.78 against the greenback, compared with the previous day’s closing of Rs175.47 in the interbank foreign exchange market. The dealers said the upsurge in the international oil prices put … Read more
Prime Minister Imran Khan will launch Pakistan’s first instant payment system ‘Raast’ developed by the State Bank of Pakistan (SBP) on Tuesday. In a tweet, Minister of State for Information and Broadcasting Farrukh Habib said the programme aims at facilitating digital payments amongst people. He said under the programme, users will be able to send … Read more
Amreli Steels expects 10% growth in FY22 The management of Amreli Steels Limited (ASTL) is expecting 10 per cent growth with 400k tonnes of rebars in FY22 and is anticipating to maintain 12 to 13 per cent average gross margins during the period. Additionally, the company is hopeful that the higher volumetric growth coupled with … Read more
KARACHI: Pakistan’s economy is again at crossroads mainly due to its inconsistent economic policies and weak implementation of structural reforms. This is evident from the Budget FY22, by way of which the fiscal policy became expansionary and several key EFF commitments were reversed to spur growth; which also included low petroleum development levy (PDL) and … Read more
Economic hooliganism is commonly perceived to have adverse effects on the country. Pakistan is not less than any other state, as here too, the ministers and their opponents always give statements substantiated with several research reports of their choice and official statistics. The latest figures released by the Ministry of Finance suggests the economic recovery … Read more
KARACHI: The State Bank of Pakistan (SBP) has received $18 billion as workers’ remittances during the first seven months (July-January) 2021/22, a statement said on Friday. The central bank said that during the first seven months of 2021/22, the remittances have risen to a record $18 billion, 9.1 per cent higher than the same period … Read more
KARACHI: The State Bank of Pakistan (SBP) has imposed Rs523 million as monetary penalty on commercial banks for violating regulatory provisions during the first half of fiscal year 2021/22, a statement said. The Central Bank said that it had imposed Rs58 million as penalty on five banks for the quarter ended December 31, 2021. The … Read more
KARACHI: The State Bank of Pakistan (SBP) has allowed United Bank Limited (UBL) for due diligence to acquire Telenor Microfinance Bank, a bourse filing said on Tuesday. “The SBP had granted in-principle approval to UBL to commence the due diligence of Telenor Microfinance Bank Limited (TMB) for proposed acquisition of 55 per cent sponsor shares … Read more
KARACHI: Now the government will be forced to go for expensive borrowing from commercial banks for budget financing or any other need as a new controversial law has barred it from obtaining loans from the country’s own central bank. The amendment in the State Bank of Pakistan (SBP) Act, 1956, through the SBP (Amendment) Act, … Read more
KARACHI: The persistent increase in the cases of coronavirus pandemic has badly affected the entire business chain of Pakistan, especially the Micro, Small and Medium-sized Enterprises (MSMEs), resulting in an economic crisis-like situation in the country. Most of the enterprises are facing various issues with a certain degree of losses, including decrease in the demand-supply … Read more
The State Bank of Pakistan said on Friday that it had received $1.053 billion from the International Monetary Fund after the successful completion of 6th review of Extended Fund Facility (EFF) programme for Pakistan. “Following the successful completion of the 6th review of the IMF program, #SBP has received the next tranche of $1.053 billion,” the … Read more
