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SBP

SBP approves Rs238.2 billion under Rozgar scheme

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

SBP to announce monetary policy today

KARACHI: The State Bank of Pakistan’s Monetary Policy Committee will meet on Monday (today) in Karachi to decide the country’s monetary policy. The central bank will issue the Monetary Policy Statement through a press release the same day. This would

Banking sector investments surge by Rs2 trillion: SBP

KARACHI: The investments of the banking sector, amid weaker demand for advances and abundant liquidity, surged by Rs2 trillion during the first half (H1) of Calendar Year 2020, State Bank of Pakistan (SBP) reported. According to Mid-Year Performance Review of

SBP announces markup subsidy for affordable housing finance

KARACHI: State Bank of Pakistan had announced the markup subsidy for the construction and purchase of new affordable housing finance. This facility will allow all individuals, who will be constructing or buying a new house for the first time, to

SBP to announce monetary policy today

KARACHI: The State Bank of Pakistan (SBP) will announce its monetary policy today in which the policy rate for the next two months will be decided. In this regard, the SBP’s Monetary Policy Committee will meet today in Karachi to

Remittances increased to record monthly high in July: SBP

KARACHI: The State Bank of Pakistan on Monday revealed remittances from overseas Pakistanis increased to record monthly high in July 2020. According to the central bank, remittances in July rose to $2,768.1 million, which is the highest ever level of

FY20-21: Pakistan to witness no change in inflation

ISLAMABAD: The inflation is expected to remain between 7.6 percent to 9.3 percent during the current fiscal year. As per details, inflation is expected to remain between 7.6 to 9.3 percent during the current fiscal year. One percent increase in

Pakistan receives $505.5 million from World Bank: SBP

KARACHI: The State Bank of Pakistan (SBP) has received $505.5 million financial assistance from the World Bank, the central bank announced on Tuesday. Last month, the SBP had received one billion dollars – $500 million each from the World Bank

Current account deficit shrinks 78% of Pakistan

KARACHI: The State Bank of Pakistan has stated that Pakistan’s current account deficit has significantly reduced by 78 percent in the fiscal year 2020. The current account deficit stood at 1.1 percent of GDP in FY20, according to a statement

SPI inflation falls to 0.01 percent

ISLAMABAD: Pakistan Bureau of Statistics (PBS) has reported that the Sensitive Price Indicator (SPI) based inflation declined by 0.01 percent during this week.   According to the Pakistan Bureau of Statistics (PBS), the SPI for the week under review for the

Pakistan made $800 million debt payments in June 2020

KARACHI: The State Bank of Pakistan has made a payment of over $800 million for debt servicing to various banks and countries during the week ended 26th June-2020. SBP received around $2,046 million official inflows, including $737 million from World

SBP introduces automation of tax refunds project

KARACHI: Governor State Bank of Pakistan (SBP) Dr Reza Baqir held an online meeting with the business community to seek feedback on an ongoing project of automation of payment of tax refunds. The meeting was attended by the office-bearers of

Pakistan receives $500 million from Beijing-based AIIB

KARACHI: State Bank of Pakistan (SBP) has received $500 million from Beijing-headquartered Asian Infrastructure Investment Bank (AIIB), as part of efforts to shore up the country’s reserves. This brings the total amount received from multilateral institutions this week to around

SBP reduces interest rate by 100 bps to 7 percent

KARACHI: State Bank of Pakistan has reduced the key interest rate by 100 basis points to seven percent. The Monetary Policy Committee (MPC) of the central bank held a meeting on Wednesday and decided to reduce the policy rate based

Pakistan receives $500 million each from World Bank, ADB

KARACHI: Pakistan has received $1 billion in fresh loans from two international financial institutions for overcoming the shortfall in budgeted expenditures and fight the coronavirus pandemic. “State Bank of Pakistan (SBP) has received $1 billion today – $500 million each

SBP orders commercial banks to facilitate prize bonds holders

KARACHI: State Bank of Pakistan (SBP) has taken notice of the banks that are unwilling to facilitate prize bonds holders. In a statement, the SBP stated, “It has been observed that commercial banks have not been extending the desired level

SBP reduces interest rate by 100 bps to 8 percent

KARACHI: The State Bank on Pakistan on Friday announced the new monetary policy and reduced the key policy rate by 100 basis points to eight percent. The Monetary Policy Committee (MPC) said the decision was based on the inflation outlook

SBP to announce monetary policy today

ISLAMABAD: State Bank of Pakistan will announce the last monetary of the current fiscal year today. The expected policy will remain in effect for the following two months. Financial experts expect the interest rate to be reduced further in light

SBP to not issue fresh notes for Eid-ul-Fitr

KARACHI: The State Bank of Pakistan (SBP) has announced that fresh currency notes will not be issued on Eid-ul-Fitr this year amid COVID-19 epidemic. According to a notification issued by SBP, “As you are aware the bank’s management has taken

Refinance scheme protected jobs of half million workers: SBP

KARACHI: Around half a million employees have been saved from layoffs and non-payment of salaries in the private sector during the ongoing lockdown due to the coronavirus pandemic through the refinancing scheme issued by the central bank. According to the

Over 0.3 million customers availed deferred loan payments: SBP

KARACHI: The State Bank of Pakistan (SBP) has said that customers are increasingly seeking relief using the deferred payment facility of loans from their banks for one year. The central bank said, as of April 30, the number of bank

SBP’s foreign reserves declined to $11.185 bn in March

KARACHI: The foreign reserves at the central bank decreased by US$804 million to US$ 11,185.6 million during the week ending March 27, 2020, said a report by the State Bank of Pakistan on Thursday. According to the central bank, the

Monetary policy: SBP reduces interest rate by 150 bps to 11 pct

KARACHI: State Bank of Pakistan has reduced the interest rate by 150 basis points to eleven percent to offset the adverse economic impact of the novel coronavirus. This is the second decline in policy rate within the month showing a

Economy during coronavirus

The coronavirus had dealt a massive blow to Pakistan’s economy just when it was starting to gather pace. The stock market has plummeted in recent weeks and the economy is on the brink of a recession, while there is no

Monetary policy: SBP reduces interest rates by 75bps to 12.5 pct

KARACHI: State Bank of Pakistan (SBP) on Tuesday announced three measures to address the economic and health challenges posed by the spread of COVID-19. The Monetary Policy Committee (MPC) of the central bank announced the new monetary policy rate and

Economic conditions improving as compared to past: SBP Governor

KARACHI: The State Bank of Pakistan (SBP) Governor Dr. Reza Baqir has said that the economic conditions of the country have been improved in many areas as compared to the past. Addressing a ceremony today (Tuesday), he said that in

Foreign exchange reserves increase up to $12.3bn

KARACHI: The Foreign exchange of Pakistan held by State Bank of Pakistan (SBP) has been increased by 3 percent and jumped to $12.3 billion today (Thursday). According to the data released by the central bank, the foreign exchange increased by 3

Mini-budget

An IMF delegation is in Islamabad for the second review of the economic situation for the bailout package given to Pakistan last year. The talks are expected to last for around two weeks and on completion, the IMF could release