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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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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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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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Monetary Policy: SBP keeps interest rate unchanged at 5.75pc

KARACHI: Announcing new monetary policy, the State Bank of Pakistan has decided to maintain the interest rate at 5.75 percent. According to the Monetary Policy Statement announced by SBP on Saturday, three features of Pakistan’s economy stand out. First, average headline inflation though higher than FY17 is expected to be lower than earlier outlook and…

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Rise in dollar value to be thoroughly probed: Ishaq Dar

ISLAMABAD: Voicing concerns over the recent depreciation of Pakistani rupee, Federal Finance Minister Ishaq Dar said the recent sharp uptick in dollar value is beyond his comprehension. Addressing a press conference here, “Previously, I considered it mere speculations hinged on the country’s political circumstances.” Dar said he had convened a meeting of presidents of the…

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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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Pakistani rupee weakens by 3.10 percent

ISLAMABAD: The Pakistani rupee weakened 3.10 percent in trading against the dollar on Wednesday in what analysts speculated could be a central bank-led devaluation to shore up the economy. Pakistani Finance Minister Ishaq Dar said in a statement he felt “deep concern and indignation” at what he called an artificial weakening of the currency. He…

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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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Banks to remain open on 30th June

KARACHI: To facilitate taxpayers to deposit their duty and taxes in the last days of the fiscal year 2016-17, the State Bank of Pakistan (SBP) has directed its designated branches and those of the National Bank of Pakistan (NBP) to remain open on June 30, 2017. “In order to facilitate the collection of Government duties…

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SBP re-launches SMS Short Code service for fresh currency notes

KARACHI: In order to meet the public demand for fresh currency notes the State Bank of Pakistan Banking Services Corporation (SBP BSC) re-launched the SMS Short Code based service (8877) for issuance of fresh currency notes on the occasion of this Ramzan as well from June 12, 2017. The service has been made available through…

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Get fresh currency notes through SMS

KARACHI: State Bank of Pakistan, through its subsidiary SBP Banking Services Corporation (SBPBSC) has re-launched the SMS service for issuance of fresh currency notes to the general public. The fresh notes will be available from designated commercial bank branches called “e-branches” and the sixteen field offices of SBP BSC. The issuance of fresh currency through…

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SBP to remain closed for public dealings on May 29

KARACHI: The State Bank of Pakistan (SBP) will remain closed for public dealings on May 29, 2017, which will be observed as `Bank Holiday’ for the purpose of deduction of Zakat. A SBP announcement here on Thursday said that all banks/ Development Finance Institutions (DFIs)/Microfinance Banks (MFBs) shall, therefore, remain closed for public dealing on…

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SBP sets Nisab for Zakat deduction

KARACHI: The State Bank of Pakistan has fixed Nisab for deduction of Zakat from specific bank accounts at Rs.38,406 for the year 1437-38 A.H. The Zakat will be deducted from Saving Bank Accounts, Profit and Loss Sharing Account and other similar accounts having a credit balance of Rs 38,406. According to Ministry of Religious Affairs…

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SBP maintains policy rate unchanged at 5.75 percent

KARACHI: The State Bank of Pakistan has kept the policy rate unchanged at 5.75 percent. An announcement to this effect was made here on Saturday by the Monetary Policy Committee of the SBP. The statement said that the real GDP growth in the fiscal year 2017 (FY17) is provisionally estimated at 5.3 percent representing a…

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SBP urges traders to import through EIF

RAWALPINDI: In order to curb illegal and duplicate payments of imports by unscrupulous elements all imports in the country should be made compulsorily through Electronic Import Form (EIF), said Director Exchange policy department State Bank of Pakistan Fazal Mehmood said here Friday. Addressing a interactive session on Electronic Import Form (EIF)  organized by Rawalpindi Chamber…

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