State Bank makes major reduction in interest rate by 200bps to 17.5%
State Bank of Pakistan building in this undated image. — AFP The Monetary Policy Committee (MPC) decided a significant reduction in the policy rate by 200bps to 17.5% from the existing 19.5%, the State Bank of Pakistan (SBP) announced on Thursday, following the sharp decline in inflation over the past two months. The new policy […]
State Bank of Pakistan slashes policy rate by 200 BPS amid falling inflation | The Express Tribune
The State Bank of Pakistan (SBP) reduced its policy rate by 200 basis points to 17.5% on Thursday, as headline and core inflation saw a sharper-than-expected decline over the last two months. The rate cut will be effective from September 13, 2024. The Monetary Policy Committee (MPC) of the SBP attributed this decision to falling […]
US election holds key to future of bank capital reforms | The Express Tribune
WASHINGTON: US regulators will not be able to finalise controversial bank capital increases before the November presidential election, casting doubt on whether these and other strict proposed rules for Wall Street banks will be implemented at all, according to five individuals familiar with the situation. The so-called Basel III Endgame rules would significantly change how […]
World Bank green-lights $1bn for Dasu Hydropower Project
A photograph of the World Bank’s headquarter in Washington, DC. — AFP/File The World Bank on Tuesday green-lit a second round of additional $1 billion in financing to Pakistan aimed at funding the Dasu Hydropower Stage I (DHP I) Project, a statement released by the World Bank read. The WB’s Board of Executive Directors approved the funding to support […]
World Bank to give Dasu project $1b | The Express Tribune
ISLAMABAD: The World Bank will provide a $1 billion loan for the 2,160 megawatts Dasu hydropower project—a crucial initiative aimed at integrating cheaper electricity into Pakistan’s energy mix and showcasing the nation’s resilience against adversaries. This marks the third major financing by the World Bank for the project, which has faced delays and endured at […]
World Bank projects Pakistan’s economic growth at just 1.8% in FY24
An undated image of World Bank Headquarters in Washington DC. — AFP With nearly 40% of Pakistan’s population slipped below the poverty line amid skyrocketing inflation, the World Bank (WB) on Tuesday projected cash-strapped nation’s economy to grow by only 1.8% in the current fiscal year ending June 2024. According to World Bank’s latest “Pakistan […]
World Bank approves $149.7m in financing for projects in Pakistan
A person enters the building of the Washington-based global development lender, The World Bank Group, in Washington. — AFP/File The World Bank’s Board of Executive Directors Saturday approved $149.7 million in financing for Pakistan to support Digital Economy Enhancement Project (DEEP) and Sindh Barrages Improvement Project (SBIP). DEEP worth $78 million will support the expansion […]
Bank holiday in country tomorrow on account of Pakistan Day
The State Bank of Pakistan’s (SBP) building. — APP/File The banks across the country will remain closed tomorrow (March 23) on account of Pakistan Day, the State Bank of Pakistan (SBP) said on Friday. The central bank announced the bank holiday a day ahead of the celebration of Pakistan Day, which is a gazetted public […]
VIDEO: Bank receives ‘misprinted’ Rs1,000 notes
In a surprising move, a commercial bank in Karachi has reportedly received Rs1,000 notes that were misprinted. It isn’t clear whether a customer had spotted them or the bank staff had seen the issue themselves. However, in these testing times when inflation is skyrocketing, getting a misprinted banknote would’ve been devastating for a person. In […]
SBP notifies bank holiday on 1st Ramadan
State Bank of Pakistan (SBP) building. — AFP As the country prepares to welcome the holy month of fasting, the State Bank of Pakistan (SBP) on Friday notified the bank holiday across the country on 1st Ramadan, which is likely to fall on Tuesday (March 12). “The State Bank of Pakistan will remain closed for […]