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SBP circulates Protection of Economic Reforms Ordinance 2018

KARACHI: The State Bank of Pakistan (SBP) has advised the authorized dealers in foreign exchange to adopt the Protection of Economic Reforms (Amendment) Ordinance 2018. Hence, section 5 of the Protection of Economic Reforms Act- 1992 has been amended. Through a circular dated April12, 2018 addressed to Presidents/Chief Executives of all Authorized Dealers in Foreign…

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SBP denies rumors of issuing Rs 10,000 banknote

KARACHI:The State Bank of Pakistan (SBP) has categorically denied a news item circulating in a section of social media regarding issuance of Rs 10,000 banknote. The existing banknote denominations satisfactorily meet the payment, settlement and other allied needs of the economy and thus there is no need for issuing higher denomination banknotes, said a press…

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Statistics released by SBP tell that every Pakistani owes Rs 130,000

KARACHI: As per the latest figures released by the State Bank of Pakistan on Friday, every Pakistani is now indebted by Rs 130,000.  The debt situation of Pakistan continues to increase at an alarming rate as the latest figures and statistics released by the State Bank of Pakistan indicate. Pakistan’s total debt has increased to…

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No discrimination against companies regarding rescheduling of loans: SBP

ISLAMABAD: Senate Standing Committee on Finance and Revenue Thursday was informed that no discrimination was made against any company regarding rescheduling of loans and that State Bank of Pakistan was not dictating banks in this regard. Discussing the agenda on discriminatory treatment being meted out with some private companies namely Omni Group, Pale etc, Deputy…

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State Bank announces holiday on Feb 5

KARACHI: The State Bank of Pakistan will remain closed on 5th February (Monday) on the occasion of “Kashmir Solidarity Day” as declared by the government, said a notification. The central bank, its offices and the commercial banks will remain closed on Monday. All government, semi-government offices, educational institutions, and corporations will also remain closed as…

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SBP policy rate raised to 6 percent

KARACHI: The State Bank of Pakistan on Friday raised its policy rate by 25 basis points to 6 percent to preempt overheating of the economy and inflation breaching its target rate. ‘This is the right time to make a policy decision that would balance growth and stability in the medium to long term,’ said SBP…

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How journalists reacted to Shahid Masood’s bank account claim

KARACHI: Prominent journalist Dr. Shahid Masood has come under fire from Punjab government and even from the journalist community over his claims about bank accounts of Zainab’s suspected killer, a day after the TV personality presented evidence to the Supreme Court. Shahid Masood, in his TV talk-show, had alleged that Zainab’s suspected rapist and murderer…

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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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