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China welcomes use of Yuan for bilateral trade, investment activities in Pakistan

BEIJING: China Thursday welcomed the State Bank of Pakistan for allowing use of the Chinese Yuan for bilateral trade and investment activities and said it would create a sound financial environment for bilateral economic, trade and investment cooperation between the two countries. “We welcome this move and we believe it will create a sound financial…

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Companies are free to choose Chinese Yuan for bilateral trade, investment activities: SBP

The State Bank of Pakistan, in the capacity of the policy maker of financial & currency markets, has taken comprehensive policy related measures to ensure that imports, exports and financing transactions can be denominated in CNY. Both public and private sector enterprises (i.e. both Pakistanis and Chinese) are free to choose CNY for bilateral Trade &…

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SBP calls for Banks to accelerate adoption of PayPak Cards

KARACHI: The Deputy Governor of State Bank of Pakistan (SBP), Jameel Ahmad, has emphasized the need for the adoption of domestic payment scheme, PayPak card by banks in order to provide cost effective, ubiquitous and digital payment instrument to consumers. He was addressing senior banking and financial industry executives at the event “PayPak- The Way…

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Internet banking on rise in Pakistan

ISLAMABAD: The adaptation of Internet and mobile banking has witnessed a remarkable growth as the number of users and their use of the banking services through advanced and convenient channels are on the rise. Pakistan Telecommunication Authority (PTA) has issued the ‘Regulations for Technical Implementation of Mobile Banking, 2016’ to formulate the mechanism of introducing…

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SBP takes notice of skimming incidences-relevant Bank to compensate fully its customers

KARACHI: During the preceding week, State Bank of Pakistan (SBP) noted with concern that customers’ information on debit cards of Habib Bank Limited was compromised by hackers through skimming to create its clones and were used to withdraw depositor’s money from various locations within and outside the country. Since then SBP has been in contact…

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SBP maintains policy rate at 5.75 per cent

KARACHI: The State Bank of Pakistan (SBP) while maintaining the policy rate at 5.75 per cent stated that the prospects of achieving six per cent target of real GDP growth continue to be strong, the Central Bank made the announcement to this effect in the Monetary Policy Statement here Friday. It said that the latest…

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Pakistan’s FDI stood at $939.7 million in four months

ISLAMABAD: State Bank of Pakistan (SBP) recorded an increase of 74.4 percent in Federal Direct Investment (FDI) during first quarter of July-October 2017-18 as compared to last year. During July-October 2018 period, the net FDI inflow into the country was $939.7 million against $538.7 million during corresponding period July-Oct 2017, says a press release. This…

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021 Disrupt: Where innovators guide Pakistan’s future  

KARACHI: Technology incubator The Nest I/O kicked off its two-day conference “021 Disrupt” at Karachi’s Movenpick Hotel on Saturday. Local and international innovators in the field of entrepreneurship, media, marketing and technology are giving their advices and sharing their experiences in their respective fields to the Pakistani community. Jehan Ara, President of P@SHA & The…

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State Bank keeps policy interest rate unchanged

KARACHI: The State Bank of Pakistan (SBP) has kept main policy interest rate unchanged at 5.75 percent. Following is SBP statement over the policy interest rate: Macroeconomic environment remains conducive to growth without impacting headline inflation. Favorable initial estimates of major crops, a healthy growth in credit to private sector and growing productive imports all…

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Yousaf to groom young players at SBP academies

LAHORE: Former Pakistan cricket captain, Muhammad Yousaf expressed his delight to train young players from the platform of Sports Board Punjab at SBP Sports academies across the province. “I will do my best to groom the young players by utilizing my expertise and standing in the game”, he told media here on Thursday after his…

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Banks to remain open for extended hours on Friday

KARACHI: State Bank of Pakistan (SBP) says all banks will remain open after 6:00 pm on Friday (September 29). “In order to facilitate the collection of Government duties / taxes, NIFT will provide special clearing facility on the advice of State Bank of Pakistan on Friday, September 29, 2017 from 6:00 pm,” the State Bank…

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SBP to announce monetary policy on Sept 29

KARACHI: The State Bank of Pakistan (SBP) will announce Monetary Policy through a press release on September 29. An announcement to this effect was made here on Wednesday. – APP

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SBP grants commencement of banking business to Bank of China

KARACHI: The State Bank of Pakistan (SBP) has allowed commencement of banking business to the Bank of China Limited, says an announcement here on Monday. Earlier, SBP had issued a banking license to the bank in the month of May 2017. The Bank of China Limited has complied with the important regulatory and operational requirements…

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SBP’s circular regarding subsidy on export of wheat & wheat products

KARACHI: The State Bank of Pakistan (SBP) on Wednesday announced extension in subsidy on export of wheat and wheat products. The EPD Circular Letter No. 18 dated September 13, 2017, is addressed to the Presidents/Chief Executives of all Authorized Dealers in Foreign Exchange. It said that regarding extension in Subsidy on Export of Wheat and…

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SBP revises outward/inward cash carrying limits

KARACHI: The State Bank of Pakistan (SBP) has revised outward/inward cash carrying limits of Pakistan currency notes (PKR) for international travelers. A statement here on Tuesday said that SBP has revised the per person per visit outward/inward cash carrying limits of Pakistan currency notes (PKR). The outward/inward cash carrying limits for countries (other than India)…

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SBP issues fresh banknotes worth Rs. 168 billion on Eid Ul Azha

KARACHI: The State Bank of Pakistan (SBP has issued fresh banknotes worth Rs. 168 billion on Eid ul Azha. A statement of the SBP said here on Thursday that to meet the increasing demand for fresh banknotes on the occasion of Eid-ul-Azha 2017, SBP Banking Services Corporation (SBP BSC) made elaborate arrangements with a focus to cover…

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Foreign reserves rise to $14,375.1 million

KARACHI: The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose 0.45% on a weekly basis, according to data released by the central bank on Thursday. The SBP’s press release states, “On August 18, the foreign currency reserves held by the central bank were recorded at $14,375.1 million, up $64.6 million or…

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SBP urged to act against non-acceptance of old-design $100 note at market rate

KARACHI: President of Karachi Chamber of Commerce and Industry (KCCI) Shamim Ahmed Firpo has urged the State Bank of Pakistan (SBP) to take strict action against Exchange Companies (ECs) which were reluctant to convert the old-design US$ 100 notes and were charging 3 to 4 percent fee to exchange the old bills with the new…

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China to encourage eligible enterprises for business, investment in Pakistan

BEIJING: China will continue to encourage its eligible enterprises to go to Pakistan for business and investment aimed at conducting mutually beneficial cooperation, said Chinese Foreign Ministry’s Spokesperson Lu Kang on Wednesday. China attaches great importance to China-Pakistan all weather strategic cooperative partnership and we are committed to conducting trade and investment cooperation with Pakistan,…

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SBP vows stability in financial markets at all costs

KARACHI: The State Bank of Pakistan said it will continue to closely monitor developments in the foreign exchange markets and ensure stability in the financial markets. In a statement, the Bank said the current exchange rate is broadly aligned with the economic fundamentals. It said the Pakistani rupee-US dollar exchange rate in the inter-bank market…

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SBP announces bank holiday on July 3

KARACHI: The State Bank of Pakistan will remain closed for public dealings on July 3, 2017 (Monday) which will be observed as Bank Holiday. All banks, Development Finance Institutions (DFIs) and Micro Finance Banks (MFBs) shall, therefore, remain closed for public dealings on the aforesaid date. However, all employees of the banks / DFIs /…

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