SBP
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SBP maintains status quo in interest rate at 22%
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[ad_1] The facade of the State Bank of Pakistan’s building in Karachi. — AFP/File In line with the market expectations, the State Bank of Pakistan (SBP) Monday decided to hold the key policy rate at 22%. In a statement, the central bank said: “At its meeting today, the Monetary Policy Committee (MPC) decided to maintain…
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SBP keeps key policy rate unchanged at 22pc | The Express Tribune
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[ad_1] KARACHI: In line with market expectations, Pakistan’s central bank has left its benchmark policy rate unchanged at a record high of 22% for the third time in a row in the past four months, saying the rate remains appropriate to create a balance between inflation reading and economic activities. In its latest monetary policy…
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Economy showing early signs of improvement: SBP | The Express Tribune
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[ad_1] KARACHI: Pakistan’s central bank has said that economic activities have bottomed out in July 2023 and a silver lining is now clearly visible, suggesting an early economic recovery backed partly by the reduction in global commodity prices and higher international growth forecast. The measures taken to cool down the economy in the previous year…
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SBP governor assures global investors of meeting IMF targets
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[ad_1] SBP Governor Jameel Ahmad addressing a press conference in this undated picture. — AFP/File State Bank of Pakistan (SBP) Governor Jameel Ahmad on Friday informed global investors that Pakistan was “on track” to address the longstanding structural weaknesses, adding that the country is “very comfortably” placed to meet the targets set by the International…
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Pakistan’s exports to China jump over 5% in first two months of FY24: SBP
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[ad_1] A representational image of containers. — AFP/File Pakistan’s exports to China witnessed an increase of 5.16% during the first two months of the current fiscal year 2023-24 as compared to the exports of the corresponding period of last year, according to the latest data shared by the State Bank of Pakistan (SBP) on Friday.…
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SBP rubbishes reports claiming deposits over Rs0.5m ‘unsafe’
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[ad_1] An image of the State Bank of Pakistan building. — Online/File The State Bank of Pakistan (SBP) has categorically rejected reports claiming deposits over Rs500,000 are unsafe in the banking system and clarified that the customers’ deposits are “perfectly safe”. In a statement issued on Thursday, a spokesperson of the SBP said that certain…
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Customer deposits ‘perfectly safe’, clarifies SBP | The Express Tribune
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[ad_1] The State Bank of Pakistan on Thursday clarified that customer deposits are “perfectly safe” owing to the sound banking system in Pakistan. The clarification by the central bank comes following reports in certain sections of the media that implied bank deposits above Rs500,000 in the banking system were unsafe. The SBP added that the Deposit Protection…
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SBP brings incentives to attract remittances | The Express Tribune
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[ad_1] KARACHI: The central bank has announced new incentives effective from June 1, 2023 to encourage banks and authorised exchange companies to attract additional remittances from overseas Pakistanis, which is expected to stabilise and give a fresh boost to inflows. In a circular sent to all authorised foreign exchange dealers (mostly commercial banks), microfinance banks…
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SBP keeps policy rate unchanged at 22% against expectations | The Express Tribune
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[ad_1] KARACHI: The State Bank of Pakistan (SBP) surprised financial markets on Thursday by leaving its benchmark policy rate – the cost of bank lending – unchanged at 22%, against the expectation of an aggressive hike of up to 300 basis points. In a statement, the SBP said that the Monetary Policy Committee (MPC) decided…
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SBP tightens grip on exchange companies | The Express Tribune
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[ad_1] KARACHI: In the midst of an intensified crackdown against foreign currency smuggling and illicit hawala-hundi operations, the State Bank of Pakistan (SBP) has unveiled a series of stringent measures aimed at reforming the currency exchange sector. Currency exchange companies categorised as ‘B’ have been given a three-month ultimatum to either transform into full-fledged exchange…
