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SBP approves Rs238.2 billion under Rozgar scheme

SBP extends relaxation of biometric verification of dormant accounts

KARACHI: State Bank of Pakistan (SBP) has approved Rs 238.2 billion for 2,958 businesses under its Rozgar scheme to protecting businesses and their employees from the impact of the coronavirus pandemic.

The central bank has so far deferred Rs 659.5 billion principal repayments of loans up to one year under its refinancing scheme for protecting businesses from the impact of COVID-19,

The central bank also allowed restructuring or rescheduling of around Rs 207.5 billion so far, according to the updated data of the central bank. The number of borrowers that would benefit from this rescheduling relief has risen to 1,572,428, with an outstanding amount of Rs 2.514 billion, it said.

Meanwhile, the central bank under this refinancing scheme for hospitals to combat COVID-19 has approved financing of Rs7.77 billion for 39 hospitals so far. As many as 45 hospitals had requested for financing amounting to Rs13.23 billion.

With respect to progress on refinance scheme for setting up new projects or expansion, the central bank approved 243 projects with an amount of Rs 193.25 billion for which it received requests for 425 projects with amount of Rs 437.15 billion. Furthermore, from March 20 to November 20, the central bank had issued fresh currency notes to the commercial banks worth Rs1.136 trillion.

Similarly, an amount of Rs 32.3 billion was quarantined during the period that was received from hospitals, clinics, and pharmacies while overall the bank received cash worth Rs 995 billion which was quarantined for fourteen days.

State Bank of Pakistan introduced a temporary refinance scheme for payment of wages and salaries to the workers and employees of the businesses in order to combat the impact of COVID-19 and help in payment of wages and salaries. This scheme was aimed to ease cash flow constraints of the employers and avoid layoffs.

In addition, the SBP introduced a scheme to support hospitals and medical centers to purchase equipment to detect, contain, and treat COVID-19 and investment in new and existing projects.

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