ISLAMABAD: The State Bank of Pakistan (SBP) has imposed penalties worth nearly Rs350.8 million on six banks during the quarter ending June 30, 2023, for non-compliance with legal or regulatory …
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InternationalLatest UpdatesNationalPolitics
China rolls over $1 billion in SAFE deposits for a year
by Hamza Irshadby Hamza IrshadISLAMABAD: China has granted a rollover of $1 billion in SAFE deposits for a year, ensuring that the State Bank of Pakistan (SBP) will maintain its foreign exchange reserves at …
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Economy
SBP reports a massive decline in the current account deficit in FY23
by Hamza Irshadby Hamza IrshadSBP reports a massive decline ISLAMABAD: The State Bank of Pakistan today reported a massive decline in the current account deficit in the fiscal year 2022-23. It is an outcome …
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Economy
Pakistan-Arab Monetary Fund are negotiating deal for cross-border payments
by Hamza Irshadby Hamza IrshadPakistan and Arab Monetary Fund Pakistan’s central bank officials announced that discussions are underway between the SBP and the Arab Monetary Fund (AMF) to establish a connection between Pakistan’s Raast …
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Economy
Saudi Arabia deposits $2 billion in SBP’s account, says Dar
by Hamza Irshadby Hamza IrshadISLAMABAD: Finance Minister Senator Muhammad Ishaq Dar said that Saudi Arabia has deposited $2 billion in the State Bank of Pakistan’s (SBP) account. Finance Minister disclosed this development on Tuesday …
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Economy
State Bank reports $4.25 billion huge decline in remittances in 2022-23
by Hamza Irshadby Hamza IrshadDecline in Remittances ISLAMABAD: The State Bank of Pakistan today reported a huge decline of $4.25 billion in the inflows of remittances in the fiscal year 2022-23. In percentage, the …
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Economy
SBP raises the policy rate to 22% to fulfill another requirement of the IMF
by Hamza Irshadby Hamza IrshadSBP raises the policy rate ISLAMABAD: The State Bank of Pakistan today further raised the discount rate to 22% as a last-ditch effort to meet another condition of the IMF. …
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Economy
State Bank lifts curbs on imports to fulfill another major demand of IMF
by Hamza Irshadby Hamza IrshadState Bank lifts curbs ISLAMABAD: The State Bank of Pakistan (SBP) removed all curbs on imports to meet another major condition of the International Monetary Fund (IMF). The SBP issued …
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Economy
State Bank maintains discount rate of 21% to make a dent in record high inflation
by Hamza Irshadby Hamza IrshadState Bank maintains discount rate KARACHI/ISLAMABAD: At its meeting today, the Monetary Policy Committee (MPC) decided to keep the policy rate unchanged at 21 percent. The MPC noted that higher …
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EconomyLatest Updates
SBP reports massive growth in online financial transactions by March 2023
by Hamza Irshadby Hamza IrshadThe State Bank of Pakistan released its third quarterly review of Payment Systems for the Fiscal Year 2022-23 today covering the period January to March 2023. Major highlights and a …