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Karachi: The State Bank of Pakistan (SBP) reported a decline of $36.4 million in the country’s foreign exchange reserves over the past week. As of August 30th, the total reserves decreased from $14.7763 billion to $14.7399 billion. Read: Daily Crime Rate in Karachi Drops, Says Additional IG Sindh at KATI Meeting According to the SBP, despite …
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The Pakistani Rupee (PKR) slightly devalued by Rs 0.6 against the US Dollar in interbank trading on Tuesday, closing at Rs 278.70. This marks a minor decline from the previous day’s closing rate of Rs 278.64. According to news reports, The Forex Association of Pakistan (FAP) reported that in the open market, the buying and …
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The State Bank of Pakistan (SBP) has designated Domestic Systemically Important Banks (D-SIBs) for the year 2024. This decision is part of the ongoing effort to ensure financial stability in the country and aligns with the framework introduced by the SBP in April 2018. The framework is designed to meet international standards while considering both …
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Pakistan will be introducing new currency notes by the end of this year, according to Jameel Ahmed, Governor of the State Bank of Pakistan (SBP). The governor told the Senate Standing Committee on Finance and Revenue that all current notes from Rs. 10 to Rs. 5,000 will be replaced. The new notes will be made …
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SBP Maintains 22% Policy Rate: Monetary Policy Statement In its recent announcement, the State Bank of Pakistan (SBP) upheld the policy rate at 22 percent after careful evaluation of economic conditions. The announcement was made after the meeting of Monetary Policy Committee in Karachi on Monday March 18, 2024 Despite a decline in inflation since …
In a tribute to its rich history and contributions to the nation’s economy, the State Bank of Pakistan (SBP) has unveiled a new Rs. 75 banknote, marking the central bank’s 75th anniversary since its establishment. The commemorative banknote was revealed by Governor SBP, Jameel Ahmad, during an inaugural ceremony held on Tuesday. The newly issued …
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KARACHI (Commerce Reporter) – In a historic move, Pakistani rupee has gained strength against the dollar. This comes after the State Bank of Pakistan (SBP) introduced new measures. These measures allow foreign exchange dealers to purchase dollars from the Interbank market for credit card payments. As a result, the pressure on the dollar in the …
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KARACHI – On Wednesday, the dollar’s value witnessed mixed interbank and open market movements. According to the State Bank of Pakistan (SBP), the dollar in the interbank increased by 12 paise, trading between Rs 285.35 and Rs 285.47. The day started with a decrease of 55 paise in the interbank rate, but by the end, …
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KARACHI: The State Bank of Pakistan (SBP) on Thursday, released data showing that the Pakistan foreign exchange reserves held by the central bank had increased by 0.4% on a week-on-week basis, reaching $4.3 billion. On March 10, 2023, the SBP’s foreign currency reserves stood at $4,319.1 million, an increase of $18 million from $4,301 million …
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Friday was the third day in a row that the Pakistani currency kept going up, and it recovered to around Rs260 to a dollar on the inter-bank market. According to the State Bank of Pakistan, the value of the rupee against the dollar went up by 0.36%, or Rs0.94, to a one-month high of Rs259.99 …
The Pakistani rupee had been going up for five days in a row, but on Tuesday, it lost 0.24% on the interbank market. On the interbank market, the local unit ended the day at 262.51 against the US dollar. This was down Rs0.63 from Monday’s close, when it was at 261.88. Pakistan’s real effective exchange …
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State Bank of Pakistan (SBP) and the International Monetary Fund (IMF) held a round of talks to discuss the possibility of increasing foreign exchange reserves and tightening monetary policy by the end of June 2023. The country’s foreign exchange reserves held by the State Bank currently stand at $3.1 billion, after an increase of $276 …
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The State Bank of Pakistan (SBP) has released data on the country’s foreign exchange reserves. According to the SBP, the country’s foreign exchange reserves decreased by 284.7$ million in the last trading week of December. SBP said that the country’s total foreign exchange reserves stood at 11.42$ billion as on December 30, 2022. According to …
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An extremely critical level of $5.82 billion was reached by the State Bank of Pakistan’s (SBP) foreign exchange reserves on Thursday, according to statistics. This represents a further $294 million decline. SBP-held reserves are at their lowest level since April 2014. The nation’s total holdings of liquid foreign exchange were $11.71 billion. There were $5.89 …
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After the news was published on the Daynews.tv about Suzuki company, Toyota, and Indus Motors made an announcement about suspending their production plant in Pakistan. State Bank of Pakistan SBP decided lifting the ban on Letter of Credits (LCs). The initiative was taken by the SBP to lift the Ban on imported will have positive …
Karachi: The Federal Government vide Gazette Notification had extended the last date for exchange ability of old banknotes of Rs 10, 50, 100 & 1000 by one year. The holders of these old design large banknotes have been given the last chance to exchange these old design large size banknotes from the field offices of …
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Within four days, two major motor car companies closed down their business. First Millat Tractor company closed down its business, and after four days, the makers of Toyota in Pakistan, Indus Motors also announced to shut down their business from 20th December to 30th December. The company stated that they are closing down because of …
On Sunday, Federal Commerce Minister, Syed Naveed Qamar met the governor of the State Bank of Pakistan to discuss financial matters. Naveed Qamar discussed the economic issues regarding the stuck-up consignments, the opening of Letters of Credit (LCs), and issues faced by business communities. Governor of the State Bank of Pakistan, Jameel Ahmad assured the …
Pakistan might lose google play store services because the SBP did not pay the due amount to international service providers Google Play Store is the platform that offers applications and services to mobile users. However, Google play store services are in danger in Pakistan and users might lose the services altogether if SBP does not …
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Islamabad: The Prime Minister of Pakistan Imran Khan, inaugurated the Sohni Dharti Remittance Program (SDRP) offered jointly by the State Bank of Pakistan, Ministry of Finance and financial institutions today at the Prime Minister House in Islamabad. SDRP is an innovative program designed to incentivize Pakistani workers abroad to send remittances to Pakistan through banks …
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Karachi: The State Bank of Pakistan released today its Annual Report on the State of Pakistan’s Economy reviewing the fiscal year 2020-21. According to the report, Pakistan’ economy rebounded during FY21, with real GDP growth rising to 3.9 percent. Importantly, this expansion in economic activity was accompanied by a 10-year low current account balance that …
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Karachi: The State Bank of Pakistan (SBP) has revised Prudential Regulations (PRS) for Consumer Financing. This targeted step will help to moderate demand growth in the economy, leading to slower import growth and thus supporting the balance-of-payments. The changes in the PRs effectively prohibit financing for imported vehicles, and tighten regulatory requirements for financing of …
KARACHI: The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) is scheduled to announce the policy rate at 4:30 p.m. today (Monday). Due to the present economic scenario, experts predict that the interest rate will remain at 7%. SBP Governor Dr Reza Baqir stated in July’s policy statement that the policy rate …
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