SBP cuts interest rates by another 200bps to 9.0 percent

KARACHI: State Bank of Pakistan (SBP) has slashed the interest rates by another 200 basis points to 9.0 percent. In light of this reduction in growth and inflation expectations, the Monetary Policy Committee (MPC) of SBP decided at its emergency meeting today, to cut the policy rate by a further… Continue reading

SBP underlines the need to gain a foothold in the global value chains (GVCs)  

KARACHI: The State Bank of Pakistan (SBP), in its First Quarterly Report FY 2020 on the State of Economy, has underlined the need to build on gains on the ease of doing business front. Side by side, it is equally important for firms to leverage on the facilitative policies, particularly… Continue reading

State Bank of Pakistan allows repatriation of foreign assets in shape of shares

KARACHI: The State Bank of Pakistan (SBP) has allowed repatriation of foreign assets in shape of shares of a company incorporated in Pakistan and notified procedure for repatriation of foreign assets held in the form of shares of a company incorporated in Pakistan, under Assets Declaration (Procedure & Conditions) Rules,… Continue reading

SBP urges SMEs to take benefit from SME Finance Policy and Refinance Facilities

KARACHI: While speaking to SMEs based in Sialkot, Syed Samar Hasnain, Executive Director, State Bank of Pakistan (SBP) said that State Bank has put in place number of refinance facilities both for purchase of plant & machinery for SMEs and working capital finance for special sectors.[the_ad id=”31605″]In meetings with manufacturers… Continue reading

Monetary Policy on January 31st; analysts expect interest rates unchanged at 10pc

KARACHI: The meeting of the Monetary Policy Committee (MPC) will be held on Thursday, January 31, 2019 in Islamabad, followed by the press conference to be addressed by the State Bank of Pakistan (SBP) Governor Tariq Bajwa to unveil Monetary Policy decision. After back to back hike since May 2018,… Continue reading

Financial Monitoring Unit reports former senator for unauthorized flight of capital, corruption

KARACHI: The Financial Monitoring Unit (FMU) of the State Bank of Pakistan (SBP) has reported Ahmed Ali s/o Sadiq Ali and Nargis Ali w/o Ahmed Ali as the activities of these individuals are suspicious as they have made repeated currency exchange transactions in a structured manner and purchased high volumes… Continue reading

SBP expands the scope of National Financial Literacy Program to all over Pakistan

KARACHI: In order to create awareness about the National Financial Literary Program (NFLP) and more specifically, sensitize the masses regarding the on-ground execution, a dedicated NFLP mass media campaign is being launched from January 15, 2019 through print, radio and social media. It is important to mention here that the… Continue reading

SBP wins the global award as the best central bank in promoting Islamic finance

KARACHI: State Bank of Pakistan (SBP) has won the global award as the best Central Bank in promoting Islamic finance for the year 2018. The coveted award is conferred by Islamic Finance News (IFN), an arm of REDmoney Group, Malaysia. Islamic Finance News (IFN) Best Banks Poll is regarded as… Continue reading

Financial Monitoring Unit forwards more cases to FBR for further investigation

KARACHI: As the government tightens nose against money laundering and unauthorized flight of capital, the Financial Monitoring Unit (FMU) of the State Bank of Pakistan (SBP) has identified Ali Khan s/o Sardar Humayoon Khan, Asif Ali Gohar s/o Pir Ali Gohar and Adam Khan Jokhio s/o Abdul Rahim suspected to… Continue reading

FBR binds banks to report profits earned on deposits by account holders

KARACHI: The Federal Board of Revenue (FBR) on Tuesday has bound the banking companies to report details regarding account holders earning profit on deposits while relieving the banks from the requirement of providing/filing account holders’ details regarding currency transactions report and suspicious transactions reports. The Federal Board of Revenue (FBR)… Continue reading