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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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Zardari calls Rao Anwar a ‘brave child’

KARACHI: Co-Chairman of Pakistan People’s Party (PPP)  Asif Ali Zardari has called former SSP Malir Rao Anwar as a brave child who survived the fight against Muttahida Qaumi Movement (MQM). He made the statement in his interview to a private news channel. The former Pakistani president stated that the ex-SSP was one of the police…

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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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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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Dr. Shahid Masood’s claim on bank accounts proved wrong

LAHORE: The bank accounts that were alleged to belong to the accused in Zainab rape and murder case do not exist, said the State Bank of Pakistan. The central bank said it found no such bank accounts that were maintained by Imran Ali, the accused in Zainab murder case. The bank handed the record to…

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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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PM launches scheme for promotion of home remittances through M-wallets

KARACHI: Prime Minister Shahid Khaqan Abbasi said that the government is taking several strategic initiatives to promote inflow of home remittances in the country. He was addressing the launching ceremony of ‘Promotion of Home Remittances through M-wallet Accounts.’ “In continuation of our efforts, I am pleased that GoP in collaboration with the SBP and financial…

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SBP to remain closed on December 25

KARACHI: The State Bank of Pakistan (SBP) will remain closed on 25th December, 2017 (Monday) on the occasion of Quaid-e-Azam Day/Christmas, as declared by the Government of Pakistan. An announcement to this effect was made here on Tuesday. – APP

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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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Video: ATM hacking hits Sargodha

The skimming of debit cards, which is being investigated by FIA, has reached Sargodha where hackers swept accounts of 16 people in a week. The State Bank of Pakistan (SBP) has expressed concerns over the ATM theft that caused a total loss of Rs10.2 million to 559 customers in different cities. Watch this report…

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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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Cabinet approves maximum limit of retail prices of medicines

ISLAMABAD: The federal cabinet has allowed the State Bank of Pakistan to acquire shares of Zarai Taraqiati Bank Limited and House Building Finance Company Limited. The permission was given at a meeting of the cabinet in Islamabad, with Prime Minister Shahid Khaqan Abbasi in the chair. The arrangement would settle the loans owed to State…

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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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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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Karachi cheapest among Pakistan’s top five big cities

KARACHI: Karachi is the cheapest among the country’s top five big cities, according to a report published by State Bank of Pakistan (SBP). Lahore emerged as the most expensive city in terms of cost of living. According to the report, Karachi’s year-on-year consumer price index inflation (CPI) was in August recorded at 1.7 percent as…

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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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