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Karachi: Zafar Paracha, Secretary General of the Exchange Companies Association of Pakistan (ECAP), has expressed strong support for the State Bank of Pakistan’s (SBP) newly introduced framework for exchange companies. He praised this initiative as a transformative step toward improving operational efficiency, ensuring customer security, and eliminating illegal trading in the gray market. Paracha commended …
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KARACHI: The State Bank of Pakistan (SBP) reported a drop of $228 million in its foreign exchange reserves, which fell to $11.85 billion during the week ending December 20. This marked the first decline after weeks of consistent increases. The SBP attributed the decrease to external debt repayments. Pakistan faces $26.1 billion in external debt repayments …
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Pakistan’s liquid foreign reserves dropped to $16.37 billion as of December 20, 2024. The State Bank of Pakistan (SBP) reported a decline of $228 million in its reserves during the week. The SBP holds $11.85 billion of the total reserves. Commercial banks hold $4.52 billion. Combined, the total liquid foreign reserves amount to $16.37 billion. …
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The remittances sent by overseas Pakistanis through Roshan Digital Accounts (RDA) have crossed $9.138 billion since the launch of the initiative. The State Bank of Pakistan (SBP) reported this significant achievement on Monday. Between September 2020 and November 2024, Roshan Digital Accounts proved to be a reliable channel for remittances. In November 2024 alone, overseas …
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The State Bank of Pakistan (SBP) announced a major cut in its policy rate on December 16, 2024. The Monetary Policy Committee (MPC) reduced the rate by 200 basis points, bringing it down to 13%. The decision will take effect from December 17, 2024. Inflation Eases to 4.9% Headline inflation dropped to 4.9% year-on-year in …
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The State Bank of Pakistan (SBP) reported a $12.5 million rise in its foreign exchange reserves, reaching $12.05 billion for the week ending December 6, 2024. This marks a 0.10% week-on-week (WoW) increase, according to data released on Thursday. Decline in Total Reserves Despite the uptick in SBP’s reserves, the country’s total foreign exchange reserves …
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The Karachi Chamber of Commerce and Industry (KCCI) has called on the State Bank of Pakistan (SBP) to reduce the monetary policy rate by 400 basis points. KCCI President Muhammad Jawed Bilwani highlighted that this reduction would align interest rates with sustainable levels and make borrowing affordable for businesses and consumers. Inflation Drops to Lowest …
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The State Bank of Pakistan (SBP) has issued a license to M/s. E-Processing Systems Private Limited (EPSPL) to commence commercial operations as an Electronic Money Institution (EMI). With this license, EPSPL will offer e-money wallets to consumers, merchants, and agents, facilitating digital payment solutions. This new addition brings the total number of licensed EMIs in …
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The Pakistani rupee weakened marginally against the US dollar on Tuesday. The currency depreciated by 0.03% in the inter-bank market, closing at 277.95, a loss of Re0.09 from Monday’s value of 277.86, according to the State Bank of Pakistan (SBP). Globally, the Japanese yen showed signs of recovery, strengthening to 154.40 per dollar after briefly …
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KARACHI: Pakistan’s foreign exchange reserves, managed by the State Bank of Pakistan (SBP), climbed by $18 million to reach $11.17 billion during the week ending November 1, 2024. This marks the 15th consecutive week of reserve growth, according to the central bank’s latest weekly update. Despite the steady increase in reserves, the Pakistani rupee continued …
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Karachi: Pakistan’s foreign exchange reserves fell below the $16 billion mark this week, as reported by the State Bank of Pakistan (SBP). The decline marks a $117.2 million drop in total reserves within just one week, indicating ongoing financial pressures. The State Bank announced that as of November 1, total reserves stood at $15.9318 billion, …
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The recent 2.5% cut in the State Bank of Pakistan’s (SBP) policy rate has prompted a mixed response from the business leaders, calling for further reductions to drive economic growth. Industry stakeholders argue that the current rate remains high and limits the potential for business expansion, urging the SBP to aim for a single-digit interest …
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The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) met today to announce a significant policy change. The MPC decided to cut the policy rate by 250 basis points, lowering it to 15 percent. This reduction will take effect from November 5, 2024. Inflation Trends The MPC observed a notable decline in …
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KARACHI: Amid a significant slowdown in inflation, business leaders have urged the State Bank of Pakistan (SBP) to cut policy rate by 300 to 500 basis points. They believe that such a cut is essential to revive trade and industrial activities in the country. The SBP’s Monetary Policy Committee (MPC) is set to meet on …
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KARACHI: The Pakistani rupee (PKR) appreciated by 18 paisa against the US dollar (USD) in interbank trading on Friday. The rupee closed at Rs277.61, improving from the previous day’s closing of Rs277.79. The Forex Association of Pakistan (FAP) reported that the buying and selling rates of the US dollar in the open market stood at …
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Raast, Pakistan’s instant payment system, has processed 892 million transactions, with a total value of PKR 20 trillion. The system, developed by the State Bank of Pakistan (SBP), continues to break records. Notably, the most recent trillion was processed in just 16 days. This rapid growth highlights SBP’s dedication to revolutionizing digital payments in Pakistan. …
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ISLAMABAD: The International Monetary Fund (IMF) has raised concerns over the deeply entrenched nexus between Pakistan’s government, the central bank, and the banking sector, warning that it poses significant risks to the country’s economy and financial system. According to the IMF, this relationship can lead to conflicting policies, regulatory challenges, and a harmful trade-off between …
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The State Bank of Pakistan (SBP) witnessed a significant increase in its foreign exchange reserves this week. According to data released on Thursday, the reserves surged by over $1.1 billion in just seven days. This boost raised SBP’s reserves to $10.7 billion, marking the highest level since April 2022. The main driver of this increase …
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The State Bank of Pakistan (SBP) has received the first loan tranche of around $1.027 billion from the International Monetary Fund (IMF). This will provide a significant boost to Pakistan’s economic recovery efforts by releasing its first loan tranche. Pakistan received the funds on Friday, following the IMF Executive Board’s approval. The State Bank of …
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The Pakistan government has officially revised the rules governing buyback and exchange programs for securities. This significant change aims to cut debt servicing costs by December 2024. This decision follows an unprecedented profit of Rs3.4 trillion reported by the State Bank of Pakistan (SBP). This profit arose due to the record-high interest rate of 22%, …
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KARACHI – The Pakistani rupee appreciated by 0.03% against the US dollar in the inter-bank market on Friday, closing at 277.84. This marks a small gain of Re0.07 from Thursday’s closing rate of 277.91, as reported by the State Bank of Pakistan (SBP). The rupee’s movement comes ahead of the International Monetary Fund (IMF) Executive …
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The State Bank of Pakistan (SBP) reduced its key policy rate by 200 basis points to 17.5%, effective from September 13, 2024, as inflation fell to 9.6%, marking the first single-digit figure in three years. The Monetary Policy Committee (MPC) noted that inflation dropped faster than expected, due to delayed energy price hikes and lower …
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The State Bank of Pakistan (SBP) is pleased to announce the results of the art competition held for the design of a new series of banknotes. The local artists and designers who participated are commendable for showcasing their creativity on this important occasion. After careful review by a committee comprising esteemed experts from relevant fields, …
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