SBP enhances Digitization Initiatives in Banks/MFBs

In order to promote digitization in the banking sector and encourage use of digital channels, SBP has   instructed (https://www.sbp.org.pk/psd/2021/C1.htm) all banks to provide minimum set of services on their Internet Banking (IB) and Mobile Banking (MB) channels. These services will include bill payments, funds transfer/IBFT, beneficiary management, limit management, credit… Continue reading

BankIslami Reports its Highest-Ever Profitability during 2020

KARACHI: BankIslami has reported its highest-ever profitability during financial year 2020. Profit after tax closed at Rs. 1.70 billion, up by 56% comparing with profitability of Rs. 1.09 billion during the financial year 2019. Despite downward adjustment in policy rate, net spreads of the Bank increased by 16% on account… Continue reading

Pakistan’s Liquid Foreign Reserves Position

The total liquid foreign reserves held by the country stood at US$ 20,133.5 million on 26-February-2021. The break-up of the foreign reserves position is as under: –   Foreign reserves held by the State Bank of Pakistan: US$ 12,978.4 million Net foreign reserves held by commercial banks : US$   7,155.1… Continue reading

SBP makes Digital and Card Transactions more secure and easier

In order to promote digital payments, SBP has been taking steps to make them more secure, introducing new features and promoting their use.  In consultation with the industry and other stakeholders, SBP has taken more steps to make digital transactions and card payments more secure and easier.  Now the consumers… Continue reading

Pakistan’s Liquid Foreign Reserves Position

The total liquid foreign reserves held by the country stood at US$ 20,058.6 million on 12-February-2021. The break-up of the foreign reserves position is as under:- Foreign reserves held by the State Bank of Pakistan     : US$ 12,889.7 million Net foreign reserves held by commercial banks       … Continue reading

Government Announces a New Simplified and Convenient Tax Regime for Roshan Digital Accounts

Based on feedback from the diaspora and recommendations from SBP, the Federal Government has introduced several amendments in the Income Tax Ordinance 2001 through Tax Laws (amendment) Ordinance 2021 to make the taxation regime simple, convenient and hassle-free for Non Resident Pakistanis (NRPs) maintaining Roshan Digital Accounts (RDAs). The amendments simplify and reduce… Continue reading

FPCCI demands SBP to extend Refinance Scheme to Support Employment

Karachi (PR) 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 Covid-19 outbreak in Pakistan for one year. In a… Continue reading

SBP Modernizes Foreign Exchange Regulations to facilitate Start-ups, Fintechs and Exports

State Bank of Pakistan (SBP) has notified revisions in chapter 20 of the Foreign Exchange Manual to facilitate Start-ups, Fintechs and Exports. The new policy for equity investment abroad will attract foreign direct investment through the establishment of holding companies by Pakistani fintechs and startups;  support exports by facilitating exporters… Continue reading

PM Launches Raast: Pakistan’s Instant Payment System – an initiative of SBP

The State Bank of Pakistan (“SBP”) and its subsidiaries disclaim responsibility for any private publication or statement by any individual. The views expressed in this email are those of the sender and do not necessarily reflect the views of the SBP and/or its subsidiaries. Any defamatory statements, infringement or authorization… Continue reading