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State Bank of Pakistan (SBP)

Cabinet postpones SBP Governor’s appointment

by
Faysal Bank
  • The summary submitted by the Finance Division for the selection of the new Governor of the SBP was tabled by the federal cabinet.
  • Instead of acting on the summary, the cabinet chose to create a six-person committee to examine the shortlisted candidates.
  • Murtaza Syed, the senior-most deputy governor of the central bank, was appointed interim governor after Dr. Reza Baqir’s death.

The summary submitted by the Finance Division for the selection of the new Governor of the State Bank of Pakistan (SBP) was tabled by the federal cabinet on Wednesday.

Shehbaz Sharif, the prime minister, presided over the federal cabinet meeting.

Instead of acting on the summary provided by the Finance Division, the cabinet chose to create a six-person committee to examine the shortlisted candidates.

For the selection of a new State Bank of Pakistan Governor, the Ministry of Finance had sent the Prime Minister’s Secretariat six candidates (SBP).

The names included former IMF official Aasim M. Husain, DMG officer Dr. Saeed Ahmed, Bank of Punjab (BoP) President Zafar Masood, SBP Acting Governor Dr. Murtaza Syed, former SBP Deputy Governor Muhammad Jameel, and former SBP Governor Muhammad Ashraf Khan.

It is important to note that Dr. Murtaza Syed, the senior-most deputy governor of the central bank, was appointed interim governor when Dr. Reza Baqir’s three-year term, which expired on May 4, came to an end.

 

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SBP opposes interbank trade to prevent dollar shortage

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SBP opposes interbank trade
  • The State Bank of Pakistan (SBP) has discouraged interbank trading amid a severe scarcity of US dollars.
  • The rupee had its largest weekly decline in more than 20 years last week.
  • SBP Acting Governor told that Pakistan will be able to comfortably satisfy its financial demands.

The State Bank of Pakistan (SBP) has discouraged interbank trading amid a severe scarcity of US dollars that caused the rupee to experience its biggest weekly decline since 1998, according to an international news website, which cited knowledgeable sources.

With its limited authority under the International Monetary Fund agreement, the central bank encouraged commercial banks to manage import payment requests from their own inflows, such as exporter accruals and remittances, in order to stop the unfettered collapse of the rupee against the US dollar.

Under the condition of anonymity, the sources also advised the journal that if banks still needed to borrow money, they should request it from the monetary authority.

It should be noted that the SBP did not respond to a request for comment sent via email.

The Pakistani rupee had its largest weekly decline in more than 20 years last week due to the fact that the nation’s foreign exchange reserves, which are currently around $10 billion, are only sufficient to fund less than two months’ worth of imports.

However, with an IMF bailout on track, SBP Acting Governor Murtaza Syed told that Pakistan will be able to comfortably satisfy its financial demands.

The publication cited sources when it stated that it had already been highlighted that some commercial banks were requesting approval from the SBP and giving US dollars at a premium, which was increasing prices for their clients.

On July 20, commercial banks offered dollars to energy businesses at prices of Rs238 and Rs242, or around 8% more than the day’s official closing rate.

Raheel Ahmed, CEO of Karachi-based steel importer VN Lakhani & Co, added that banks that once issued international payments in a day now take more than a week.

Miftah Ismail, Pakistan’s finance minister, stated during a news conference on July 21 in Islamabad that “Pakistan has encountered dollar payment strain due of energy payments.”

Next month, Ismail predicted, “the tendency will reverse as there will be more dollar supply than demand.”

 

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State Bank Governor’s nomination due next week: Miftah

by
fixed tax
  • The government will name the new governor of the State Bank of Pakistan (SBP) by the upcoming week.
  • Finance Minister Miftah Ismail said the SBP was not responsible for the recent depreciation of the Pakistani Rupee.
  • He acknowledged that the pressure on the rupee was also a result of the political crisis.

The government will name the new governor of the State Bank of Pakistan (SBP) by the upcoming week, according to Finance Minister Miftah Ismail’s remarks on Thursday.

The finance minister informed reporters during a news conference that the central bank was not responsible for the recent depreciation of the Pakistani Rupee. He was joined by Defense Minister Khawaja Asif.

The minister continued by predicting that in the upcoming month, the value of the rupee relative to the US dollar will stabilize.

The large import bill from the previous month, according to the finance minister, was one of the factors holding back the rupee.

He acknowledged that the pressure on the rupee was also a result of the political crisis that followed the PMLN’s crushing defeat in the most recent by-elections.

He stated that fewer fuel imports are anticipated for July, which will ease pressure on the local currency and result in a substantially lower import bill.

The coalition administration would forgo its political capital for the benefit of the nation, the finance minister said, adding that the economy is headed in the right direction.

 

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Rupee falls for second straight day on rising oil prices

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KARACHI: The Pakistani rupee fell for the second straight day against the dollar amid surging global oil prices. The rupee declined 23 paisas to end at Rs176.72 against the dollar on Tuesday, against the closing of Rs176.49 the previous day in the interbank foreign exchange market. The dealers said that the market had seen high … Read more

Foreign exchange reserves plummet to $23.35 billion

by
dollar depreciated

KARACHI: The liquid foreign exchange reserves of the country plummeted by $551 million to $23.35 billion by the week ended January 14, 2022, the State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves of the country were at $23.901 billion by the week ended January 7, 2022. The official reserves of the … Read more

Unisame calls for making Exim bank functional for barter trade

by
Unisame

KARACHI: The Union of Small and Medium Enterprises (Unisame) has invited the attention of the Commerce Ministry towards the incomplete modalities for barter trade with Iran, a statement said on Thursday. Unisame President Zulfikar Thaver said that the ministry has authorised the Quetta Chamber of Commerce and Industry (QCCI) to open accounts of importers and … Read more

Pakistan’s FDI rise 20% in first half

by
SBP

KARACHI: The net inflows of foreign direct investment (FDI) into Pakistan has increased 20 per cent during the first half (July-December) 2021/22 due to a significant decline in outflows. The FDI increased to $1.05 billion during the first half of the current fiscal year, compared with $879.7 million in the corresponding half of the last … Read more

NKATI appeals for continuation of DLTL policy

by
German exports

KARACHI: The withdrawal of DLTL policy will destroy business, especially domestic exports, and exporters will face a financial crisis, an official said on Tuesday. North Karachi Association of trade and industry (NKATI) president Faisal Moiz Khan expressed deep concern over the lack of clear policy regarding the drawback on local taxes and levies, and has … Read more

SBP directs banks to ensure timely transaction alerts

by
SBP

KARACHI: The State Bank of Pakistan (SBP) on Monday directed the banks to ensure timely transmission of transaction alerts. The SBP issued instructions to the banks regarding security of digital payments. The central bank previously issued these instructions on November 28, 2018. However, it expressed displeasure that many banks were not following such guidelines. The … Read more

SBP extends banking relaxations to mitigate Covid till June 30

by
SBP

KARACHI: The State Bank of Pakistan (SBP) has decided to continue banking relaxations till June 30, 2022 to mitigate the impact of Covid-19 pandemic, a statement said on Friday. The central bank previously amended regulations related to anti-money laundering (AML) and counter financing of terrorism (CFT). According to the statement, banks and microfinance banks (MFBs) … Read more

Pakistan’s forex reserves fall $255 million to $24.019 billion

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KARACHI: Pakistan’s foreign exchange reserves dropped $255 million to reach $24.019 billion during the week ended December 31, 2021, the State Bank of Pakistan (SBP) reported on Thursday. The foreign exchange reserves of the country were recorded at $24.274 billion a week ago. The official foreign exchange reserves of the central bank fell $170 million … Read more

SBP’s forex reserves fall $415 million on foreign debt repayment

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KARACHI: The official foreign exchange reserves of the State Bank of Pakistan (SBP) have reduced $415 million by the week ended December 17, 2021 due to external debt repayment, the central bank reported on Thursday. The foreign exchange reserves of the central bank reduced to $18.153 billion by the week ended December 17, 2021, compared … Read more

State Bank governor launches Asaan Mobile Account

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KARACHI: State Bank of Pakistan (SBP) Governor on Monday launched the Asaan Mobile Account (AMA), which allows opening of a branchless banking account on a mobile phone, a statement said. The bank account may be opened by dialing a simple code *2262# on a mobile phone. The accountholders can then deposit money in his or … Read more

Profit rates on saving schemes increase up to 240bps

by
State Bank of Pakistan

KARACHI: The Central Directorate of National Savings (CDNS) on Thursday announced an increase in the profit rates up to 240 basis points (2.4 per cent) for various saving schemes. According to the notification, the rate has been increased by 240 basis points to 10.6 per cent from 8.20 per cent on profit derived from the … Read more

PSX moves both ways; KSE-100 Index gains 1.32 points

by
PSX

KARACHI: The Pakistan equity market moved both ways during the day on account of pressure on economic numbers along with the political disturbance, dealers said on Monday. An analyst at Topline Securities said the investors’ interest was low during the day, amid concerns over further hike in the policy rate in the upcoming monetary policy … Read more

FBR issues fresh, revised valuation of immovable properties

by
KPRA

KARACHI: The Federal Board of Revenue (FBR) on Wednesday notified fresh and revised valuation of immovable properties for various cities of the country to bring the declared prices at par with the fair market value. The FBR issued valuation and revaluation of immovable properties for 16 cities of the country. These cities included Abbottabad; Attock, … Read more

SBP signs deposit agreement with Saudi fund

by
AUD TO PKR

KARACHI: The State Bank of Pakistan (SBP) and the Saudi Fund for Development (SFD) signed a $3 billion deposit agreement, a statement said on Monday. State Bank Governor Dr Reza Baqir and SFD chief executive officer Sultan Bin AbdulRahman Al-Marshad signed the agreement. Under this deposit agreement, the Saudi fund would place $3 billion with … Read more

PM Imran Khan opens Sohni Dharti remittance programme

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KARACHI: Prime Minister Imran Khan on Thursday inaugurated the Sohni Dharti Remittance Programme (SDRP) offered jointly by the State Bank of Pakistan (SBP), Ministry of Finance and the financial institutions at the Prime Minister House in Islamabad, a statement issued by the SBP said. This is an innovative programme designed to incentivise the overseas workers … Read more

SBP projects Pakistan’s GDP growth up to 5%

by
Pakistan growth

KARACHI: The State Bank of Pakistan (SBP) has projected the real GDP growth at 4 per cent to 5 per cent for the current fiscal year, as per the actual target set for the fiscal year. However, the current account deficit has been projected at up to 3 per cent of the GDP as against … Read more

Tax collection on bank profits declines 26%

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Income Tax Closing date Extended: These Taxpayers Still Must Pay Double TDS if Not Filed by June

KARACHI: The collection of income tax on profit from bank deposits witnessed a decline of 26 per cent during the first four months (July-October) of the current fiscal year due to the lower-key interest rate and withdrawal of money from the banking system. According to the official data made available on Tuesday, the Large Taxpayers … Read more

PSX remains bearish as index shed 744.41 points

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KARACHI: Pakistan’s equity market witnessed massive profit-taking on Monday where the index dropped below 46,000 points, dealers said. An analyst at Pearl Securities said cement and technology sectors cumulatively eroded 351 points from the index, as the State Bank of Pakistan (SBP) raised the policy rate by 150bps; thus, the effect was seen in the … Read more

Saving accounts profit rate rises to 7.25%

by
Rupee

KARACHI: The minimum rate of return on saving accounts has increased to 7.25 percent with the rise in the key policy rate by 150 basis points to 8.75 percent. The State Bank of Pakistan (SBP) in a Tweet said, as a result of the SBP policy rate increase announced on Friday, November 19, 2021, and … Read more

SBP increases the interest rate by 150 bps to 8.75%

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KARACHI: The State Bank of Pakistan (SBP) on Friday declared an upsurge of 150 basis points in its policy rate to hold rising inflation, which intimidates to undermine the economy of Pakistan. The SBP stated that the conclusion to escalate the interest rate to 8.75% is taken due to dangers linked to inflation. According to … Read more

SBP to announce monetary policy on November 19

by
State Bank of Pakistan

KARACHI: The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has decided to issue the next monetary policy statement on November 19, 2021. The Monetary Policy Committee brings forward its next meeting from the previously announced date of November 26, 2021. It will now convene in the SBP office Karachi on Friday. … Read more

Unisame seeks SBP permission for overseas merchanting business

by
State Bank

KARACHI: The Union of Small and Medium Enterprises (Unisame) has urged the State Bank of Pakistan (SBP) to clarify the legality of three party overseas merchanting business to enable start of the work from Pakistan rather than involving the UAE firms and banks, a statement said on Monday. As such, the central bank website recognises … Read more

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