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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 ‚ÄėPromotion of Home Remittances through M-wallet Accounts.‚Äô ‚ÄúIn 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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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‚Äôs 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, ‚ÄúPreviously, I considered it mere speculations hinged on the country‚Äôs political circumstances.‚ÄĚ 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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