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SBP announces banking hours for Ramazan

KARACHI: State Bank of Pakistan (SBP) on Tuesday announced office timings for all banks, development finance institutions and microfinance banks during Ramadan. According to a notification issued by the central bank, from Monday to Thursday office timings will be from 10:00am to 4:00 pm with a 2pm to 2:15pm break whereas on Fridays banks will remain open from 10:00am to ... Read More »

SBP considering issuing digital currency to boost financial inclusion

KARACHI: The State Bank of Pakistan (SBP) is considering issuing digital currency to boost financial inclusion and reduce money laundering in the economy, the central bank’s governor was quoted as saying. “We are studying that very carefully. We think that some countries like China are already showing the way,” SBP Governor Reza Baqir told CNN in an interview. Baqir said ... Read More »

SBP to remain closed for public dealing on 1st Ramazan

KARACHI: The State Bank of Pakistan (SBP) will remain closed for public dealings on the 1st of Ramadan which shall be observed as a “Bank Holiday” for the deduction of Zakat. “All banks / DFIs / MFBs shall, therefore, remain closed for public dealing on 1st Ramadan-ul-Mubarak, 1442 A.H.,” a statement from the central bank said. A day earlier, the ... Read More »

SBP to retain two-year history of borrowers’ default, delayed payments

KARACHI: State Bank of Pakistan (SBP) on Friday announced that it will retain credit history of defaulters and delayed payments in Electronic Credit Information Bureau (eCIB) from July 01, 2021. Currently, the eCIB report reflects negative/overdue information for consumer/individual borrowers’ for one year. Electronic Credit Information Bureau (eCIB ) of SBP collects and collates credit data on borrowers from its ... Read More »

SBP forex reserves fall $146m

KARACHI: The foreign exchange reserves held by the central bank fell 1.06 per cent on a weekly basis, according to data released by the State Bank of Pakistan (SBP). On April 2, the foreign currency reserves held by the SBP were recorded at $13,527.2 million, down $146 million compared with $13,673 million in the previous week. According to the central ... Read More »

SBP unveils ambitious third 5-year Strategic Plan for Islamic Banking Industry

KARACHI: State Bank of Pakistan (SBP) unveiled its third five-year Strategic Plan for the Islamic Banking Industry. The strategic plan has set headline targets for Islamic banking industry to be achieved by 2025, said a statement. The strategic plan included 30 percent share in both assets and deposits of overall banking industry, 35 percent share in branch network of overall ... Read More »

Banks likely to accept container detention, demurrage charges

KARACHI: The State Bank of Pakistan (SBP) has issued draft amendment to Foreign Exchange Manual under which banks may be allowed to accept container detention charges and demurrage charges in order to facilitate trade in payments. The SBP issued the draft amendments and invite stakeholders’ comments before finalizing the foreign exchange manual. According to the draft amendments made to 14 ... Read More »

SBP revises instructions for financing wheat procurement

KARACHI: The State Bank of Pakistan (SBP) has issued notification to revise instructions regarding bank financing for wheat procurement by the private sector. The SBP issued circular No. 02 of 2021 for amending the instructions issued on March 19, 2021 for financing wheat procurement by the private sector. Following amendments have been notified by the SBP: For private sector participation ... Read More »

Policies in Pakistan’s favour to be implemented despite IMF aid: Dr Reza Baqir

KARACHI: Policies in Pakistan’s favour would be implemented despite aid from the International Monetary Fund (IMF), State Bank of Pakistan (SBP) Governor Dr Reza Baqir said. Speaking in a private channel programme “Naya Pakistan”, Dr Baqir said Pakistan’s economy has been faring better during the third coronavirus wave than the first two. “There’s growth in various sectors, including cement and ... Read More »

Deposits in RDA cross $800m mark in 7 months

ISLAMABAD: The deposits in the State Bank of Pakistan (SBP)’s initiatives Roshan Digital Accounts (RDA) have crossed $800 million mark in seven months. The deposits by the overseas Pakistanis have crossed the $800 million mark on the back of huge inflows of $212 million in March, according to the SBP. The SBP said the inflows had been accelerating every month ... Read More »

Govt postpones fiscal board meeting

ISLAMABAD: The government has postponed a scheduled meeting of the Monetary and Fiscal Policies Coordination Board due to the unavailability of State Bank of Pakistan (SBP) Governor Dr Reza Baqir. According to local media reports, the statutory meeting had been called to review the impact of monetary policy on investment, economic growth, balance of payments and the country’s international trade. ... Read More »

Govt to start transferring salaries, pensions via SBP’s RAAST system

KARACHI: To ease the payment process for government employees and pensioners, the State Bank of Pakistan (SBP) and Controller General of Accounts Pakistan (CGAP) have signed a memorandum of understanding (MoU) to digitise federal government payments through RAAST. An SBP press release said that in the pilot phase, the salaries and pensions of a group of federal government employees will ... Read More »

SBP should be given autonomy to pursue its objectives: Dr Reza Baqir

KARACHI: Governor State Bank of Pakistan (SBP) Dr Reza Baqir has said that the draft approved by the Cabinet is a bill and not an ordinance, SBP Autonomy Bill will be presented for discussion in the Parliament. The Governor said that SBP should be given autonomy to pursue its objectives. Dr. Reza Baqir, in an exclusive interview he said that ... Read More »

SBP reserves jump $275m to $13.3b

KARACHI: The foreign exchange reserves held by the State Bank of Pakistan rose 2.11pc on a weekly basis, according to data released by the central bank on Thursday. On March 19, forex reserves held by the SBP were recorded at $13,295 million, up $275 million compared with $13,019.7 million in the previous week. The central bank gave no reason for ... Read More »

SBP instructs banks to implement govt’s decision on housing finance for public

KARACHI: In its effort to promote low cost and affordable home ownership among low to middle-income groups, the Government of Pakistan (GoP) has revised its markup subsidy scheme of housing finance significantly to align with the prevailing housing market dynamics. The revised scheme is expected to make access to housing finance much easier for a large number of households who ... Read More »

SBP reserves up $4m to $13b

KARACHI: The foreign exchange reserves held by the State Bank of Pakistan rose 0.03pc on a weekly basis, according to data released by the central bank on Friday. On March 12, forex reserves held by the SBP were recorded at $13,019.7 million, up $4 million compared with $13,016.1 million in the previous week. The central bank gave no reason for ... Read More »

SBP leaves interest rate unchanged at 7pc

KARACHI: The State Bank of Pakistan (SBP) announced its bi-monthly monetary policy on Friday and decided to maintain its policy rate at 7 percent, according to a statement issued by the bank. At its meeting on March 19, 2021, the Monetary Policy Committee (MPC) decided to maintain the policy rate at 7 percent. The MPC noted that since the last ... Read More »

E-banking transactions grow by 24% by volume during Q2FY21: SBP

KARACHI: The State Bank of Pakistan (SBP) has released its Quarterly Payment System Review (QPSR) for the second quarter, October – December 2020, of the fiscal year 2020-21 today, which shows strong growth in digital financial transactions in the country. During Q2FY21, 296.7 million e-Banking transactions valuing Rs21.4 trillion were carried out, registering a growth of 24 percent by volume ... Read More »

SBP to announce Monetary Policy on March 19

KARACHI: State Bank of Pakistan (SBP) on Tuesday said that it will announce Monetary Policy on March 19, 2021. According to External Relations Department of the central bank, the Monetary Policy Committee of the central bank will meet on Friday in Karachi to decide about the monetary policy. It further states that the SBP will issue the monetary policy statement ... Read More »

SBP reserves rise $37.7m to $13b

ISLAMABAD: The foreign exchange reserves held by the central bank increased by $37.7 million on weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On March 5, the foreign currency reserves held by the SBP were recorded at $13,016.1 million compared with $12,978.4 million in the previous week. According to the central bank, the ... Read More »