fbpx mmnews
Archive

SBP

SBP reduces auto financing period

KARACHI: The State Bank of Pakistan (SBP) on Tuesday revised regulations for consumer financing and reduced the financing period for auto financing. Under the new regulations, the maximum tenure of auto finance has been reduced from five years to three

SBP reinstates Saturday off in banks

KARACHI: The State Bank of Pakistan (SBP) announced on Friday it was reverting to a five-day workweek by reinstating Saturday as a holiday for banks, less than a month after the federal government increased working hours for banks and government

SBP to unveil monetary today

KARACHI: State Bank of Pakistan (SBP) is all set to announce monetary policy today. The central bank is expected to leave its benchmark interest rate steady. The Monetary Policy Committee (MPC) of the central bank will meet on Tuesday (today)

SBP enhances agriculture credit limits to meet farmers input requirements

KARACHI: The State Bank of Pakistan (SBP) has enhanced the indicative credit limits for agriculture financing by banks to farmers to align the amount of financing with agriculture input requirements. The enhanced indicative credit limits for production and development loans

SBP digitizes refinance process of Export Finance Scheme

KARACHI: The State Bank of Pakistan (SBP) has digitized the process of obtaining refinance from SBP by banks under the Export Finance Scheme (EFS) for both conventional and Shariah-compliant versions. According to a press release issued by the central bank,

SBP recommends complete ban on cryptocurrencies

KARACHI: The State Bank of Pakistan (SBP) and the federal government have recommended a complete ban on the use of all cryptocurrencies, according to a report submitted to the Sindh High Court (SHC) on Wednesday. The SHC has been hearing

Housing, construction finance jumps to Rs355bn in CY21: SBP

KARACHI: Recording an unprecedented growth of 85%, banks’ outstanding credit for housing and construction increased by Rs163 billion, from Rs192 billion to Rs355 billion, during 2021, said a statement issued by the State Bank of Pakistan (SBP) on Thursday. Within

SBP announces licensing for Digital Banks

KARACHI: The State Bank of Pakistan (SBP) has introduced a framework to grant licences for setting up digital banks that will provide all the banking services, from account opening to deposit and lending, through digital means and the customers will

Opening bank accounts in Pakistan has become easier now: SBP governor

ISLAMABAD: Governor State Bank of Pakistan (SBP) Raza Baqir on Monday said that the SBP will ensure to give awareness on easy mobile account scheme. According to details, the soft launch ceremony of easy mobile account scheme was held in

Policy rate on pension, other savings raised following SBP orders

ISLAMABAD: The policy rate on pension and other saving schemes in the country have been raised, following an increase in interest rate by the State Bank of Pakistan (SBP). According to details, the interest rate on National Saving Schemes, pension

State Bank of Pakistan repudiates any new changes in currency design

KARACHI: State Bank of Pakistan had denied any new changes in Pakistani currency notes designs. Photos with new currency designs were circulating on the internet, after which SBP took to its Twitter handle and declared the news as fake. The

SBP introduces new loan scheme for SMEs

KARACHI: The State Bank of Pakistan Governor Dr Reza Baqir announced that banks have shown an overwhelming response to an innovative financing scheme for collateral-free lending to SMEs introduced by the State Bank of Pakistan (SBP) and supported by the

FPCCI president urges PM to direct SBP to facilitate Pak-Iran barter trade

KARACHI: Mian Nasser Hyatt Maggo, President FPCCI, has hailed the Ministry of Commerce’s efforts to kick start barter trade with Iran on a mass scale; however, he has expressed his concerns and apprehensions pertaining to the conduct of the State

News of cyber attacks on nine banks and money embezzlement is baseless: SBP

ISLAMABAD: The State Bank of Pakistan (SBP) has said that reports of cyber attacks on nine banks and money embezzlement and data are baseless and wrong. According to the details, the SBP, while sending a message to the customers and

SBP takes measures to curb undesirable foreign currency outflow

KARACHI: In order to enhance transparency in the foreign currency transactions by exchange companies and to curb undesirable outflow of cash foreign currency, the State Bank of Pakistan has introduced following regulatory measures: Persons travelling to Afghanistan will be allowed

SBP allows ‘mentally disordered persons’ to open bank accounts

KARACHI: State Bank of Pakistan (SBP) has allowed “mentally disordered persons” to open a bank account for the first time. According to a statement, the process has been devised after thorough consultation with stakeholders. Now, for the first time in

Deposits in Roshan Digital Accounts cross $800 million

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

Institutional autonomy

There are has intense debate on the bill granting unprecedented autonomy to the State Bank of Pakistan (SBP) with a view to regulate monetary policy and control inflation in the interest of the country. These measures are said to according

Pakistan receives $499m IMF tranche

ISLAMABAD: The State Bank of Pakistan (SBP) has confirmed receiving $499 million loan from the International Monetary Fund (IMF). In a statement, the central state confirmed having received IMF tranche of US$ 498.7 million (equivalent to SDR 350 million) under

Worker’s remittances surge 24.2% in February

ISLAMABAD: The worker’s remittances from abroad remained above $2 billion in February 2021 for the ninth consecutive month of the fiscal year. According to State Bank of Pakistan (SBP), the remittances dispatched by overseas Pakistanis surged by 24.2 percent to

FPCCI demands SBP to extend refinance scheme to support employment

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the State Bank of Pakistan (SBP) to extend the Refinance Scheme for Payment of Wages and Salaries, launched to support employees and prevent layoffs due to the

FPCCI welcomes SBP’s decision to waive off E-form for small consignments

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has welcomed the State Bank of Pakistan’s decision to waive off e-form requirement for consignments for $5000 for small industries. FPCCI President Mian Anjum Nisar and Vice President Shaikh Sultan

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