Bilwani urges SBP to cut policy rate by 300 to 500 basis points
KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Jawed Bilwani has urged the Central Bank to reduce policy rate by 300 to 500 basis points in the next…
SBP releases Annual Payment Systems Review for FY24
The State Bank of Pakistan (SBP) has released its annual report highlighting the significant advancements in the national payment ecosystem during the Fiscal Year 2023-24. The report underscores the remarkable…
Digitalization to drive Financial Services and Economic Development: Governor SBP
Governor of the State Bank of Pakistan, Mr. Jameel Ahmad, has stated that rapid technological change has not only enabled banks to offer innovative financial services to customers but also…
Current account surplus likely – can Pakistani currency appreciate?
After experiencing significant depreciation in FY23, the local currency has regained ground over the last four quarters, supported by the IMF Stand-by agreement, contained current account deficit and reduced political…
Press Release of Workers’ Remittances in August 2024
• Workers’ remittances recorded an inflow of US$ 2.9 billion during August 2024. • In terms of growth, remittances increased by 40.5 percent on y/y basis. • Cumulatively, with inflow…
Monetary Policy Statement July 29, 2024
1. At its meeting today, the Monetary Policy Committee (MPC) decided to cut the policy rate by 100 basis points to 19.5 percent, effective from July 30, 2024. The Committee…
Press Release of Workers’ Remittances in June 2024
• Workers’ remittances recorded an inflow of US$3.2 billion during June 2024. • In terms of growth, during June 2024, remittances increased by 44.4 percent on y/y basis. • Cumulatively,…
Customs Appraisement South collects total revenue of Rs2.25 trillion in FY24
KARACHI: Customs Appraisement South comprising Customs Appraisement East, Customs Appraisement SAPT, Customs Appraisement West and Customs Appraisement East Port Qasim have collected a total revenue of Rs2.25 trillion for the…
Press Release of Workers’ Remittances in May 2024
• Workers’ remittances recorded an inflow of US$3.2 billion during May 24. • In terms of growth, during May 24, remittances increased by 15.3 percent on m/m basis and by…
Press Release of Worker’s Remittances in December 2023
Workers’ remittances recorded an inflow of US$2.4 billion during Dec 23. In terms of growth, during Dec 23, remittances increased by 5.4 percent on m/m and 13.4 percent on y/y…
Press Release of Workers’ Remittances in October 2023
• Workers’ remittances recorded an inflow of US$2.5 billion during Oct 23. • In terms of growth, during Oct 2023, remittances increased by 11.5 percent on m/m and 9.6 percent…
Monetary Policy Statement October 30, 2023
1. At its meeting today, the Monetary Policy Committee (MPC) decided to maintain the policy rate at 22 percent. The Committee noted that headline inflation rose in September 2023 as…
SBP Releases Annual Report on The State of Pakistan’s Economy
The State Bank of Pakistan (SBP) released today its Annual Report on the State of Pakistan’s Economy for the fiscal year 2022-23. According to the report, Pakistan’s economy faced multiple…
Pakistan car sales rise 9% MoM in September, but remain low YoY
Pakistan’s car sales (including Non-PAMA members) increased by 9% month-on-month to around 10,000 units in September 2023, according to a report by Topline Research. However, the sales were still down…
SBP keeps interest rates unchanged at 22 percent
KARACHI: At its meeting today, the Monetary Policy Committee (MPC) decided to keep the policy rate unchanged at 22 percent. The Committee noted that the economic uncertainty has decreased since…
SBP decides to raise the policy rate by 100 bps to 22 percent
KARACHI; In the statement after its meeting held on 12th June, the Monetary Policy Committee (MPC) viewed the then monetary policy stance as appropriate to achieve the objective of price…
Monetary Policy Statement June 12, 2023
At its meeting today, the Monetary Policy Committee (MPC) decided to keep the policy rate unchanged at 21 percent. The MPC noted that higher inflation out turns for April and…
Government Introduces Revised Super Tax Slabs, Higher Tax Rates for High-Income Individuals in FY24
The government has announced revised Super Tax slabs for the fiscal year 2023-24 (FY24), bringing significant changes for individuals with higher incomes. The new tax rates aim to ensure a…
Tax on the undistributed profits of corporated likely in the upcoming budget
KARACHI: Revenue collection is the process of collecting money owed by individuals or businesses for various purposes, such as taxes, fees, fines, or services. Revenue collection is important for both…