The governor said that the SBP working on the regulatory form of digital banking and branchless banking. “Around half the population of Pakistan’s far-flung areas have no accounts in banks,” the central bank governor said. “The digital banking is most necessary given these figures,” he said. He said the digital banks could empower small and […]
The Monetary Policy Committee (MPC), led by SBP Governor Jameel Ahmad, will meet today to assess the monetary policy. Analysts predict a possible 1% reduction in the interest rate, citing a recent decline in inflation. It is to be noted that the SBP has slashed the policy rate by 9 percent in the last seven […]
Bitcoin (BTC) has experienced major increases since the United States elected Donald Trump as president, as investors anticipate that the new administration will implement more favorable policies for cryptocurrencies. It is pertinent to mention that in 2018, the State Bank of Pakistan (SBP), issued a notice in which, they warned commercial banks and general banks […]
Muzammil Aslam said that, after the onset of the new government and taking charge of Shehbaz Sharif as Prime Minister, remittance decreased by five billion dollars in just one year. “It a surprising how a PM congratulated the nation for the 3 billion dollars in remittances amounted recently”, he added. “If the income of the […]
Speaking at a press conference on Thursday, the SBP head stressed the importance of maintaining stable and gradual growth to avoid future balance of payments issues. SBP governor also revealed the SBP’s inflation target for the current fiscal year, set at 5 to 7 percent. He expressed optimism that if economic indicators improve and inflation […]
According to reports, the meeting discussed matters related to private Hajj operations in detail and finalized agreements with mutual consensus. It was decided that private pilgrims group bookings will commence from January 10. Hafiz Tahir Ashrafi emphasized the importance of adhering to the laws of both Saudi Arabia and Pakistan. Earlier, the government extended the […]
The improvement in the current account surplus is attributed to the contributions of the Special Investment Facilitation Council and an increase in foreign exchange reserves. For the first five months of the current financial year, the current account surplus is nearing one billion dollars. Additionally, the economy has seen a rise in remittances, driven by […]
“SBP will remain closed on December 25, 2024 (Wednesday) being a public holiday on the occasions of Quaid-e-Azam Day and Christmas, as declared by the Government of Pakistan,” the circular reads. It said all commercial banks in the country will also remain closed on Wednesday. Meanwhile, the Pakistan Stock Exchange (PSX) will also remain closed […]
The SBP has released its Quarterly Payment Systems Review for Q1 FY 25, highlighting significant strides in Pakistan’s journey toward a cashless and digitally inclusive economy. The report, covering the period from July to September 2024, mentions robust growth in digital payment adoption, infrastructure development, and a gradual shift away from cash and paper-based instruments. […]
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 277.95 and Rs 279.45 respectively. The price of the Euro decreased by 42 paise to close at Rs 289.05 against the last day’s closing of Rs 289.47, according to the State […]
