Money and banking drive economic activity by facilitating transactions, savings, and investments. Banks manage financial resources, offer credit, and regulate money supply, ensuring stability and growth in Pakistan’s financial sector.
Category: Money & Banking
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SBP issues guidelines for processing sugar import at concessionary tax rates
KARACHI: State Bank of Pakistan (SBP) on Monday issued guidelines for banks to process application for import of raw sugar at concessionary tax rates. The SBP said that the government had allowed 300,000 metric tons of raw sugar to be imported by sugar millers at reduced withholding tax rate. The central bank further said that…
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SBP signs pact for digitizing government payments
KARACHI: State Bank of Pakistan (SBP) on Monday signed an agreement with Controller General of Accounts Pakistan (CGAP) for digitizing payments of the federal government.
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Rupee strengthens by 58 paisas against dollar
KARACHI: The Pakistani Rupee exhibited strength against the US dollar on Friday, appreciating by 58 paisas in the interbank foreign exchange market.
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Immunity to SBP officials proposed in legal proceedings
ISLAMABAD: The officials of State Bank of Pakistan (SBP) to be given immunity against any legal suit and prosecution for any act of commission or omission done in exercise of any powers. According to proposed amendments to the State Bank of Pakistan Act, 1956 issued by the finance ministry on Thursday, “No suit, prosecution or…
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SBP issues revised mark-up subsidy for low cost house financing
KARACHI: State Bank of Pakistan (SBP) on Thursday issued revised mark up subsidy allowed by the government for low cost housing scheme. The SBP issued instructions to the banks for implementation of the revised mark up subsidy approved by the government. In view of the feedback received from various stakeholders, Government of Pakistan (GoP) has…
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Rupee gains 38 paisas on IMF funds approval for Pakistan
KARACHI: The Pak Rupee gained 38 paisas against the dollar on Thursday as IMF approved transfer of $500 million to Pakistan under Extended Fund Facility (EFF). The rupee ended Rs155.01 to the dollar from previous day’s closing of Rs155.39 in the interbank foreign exchange market. Currency experts said that the market was remained positive due…
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Rupee strengthens by 46 paisas on lower import payment demand
KARACHI: The Pak Rupee strengthened by 46 paisas against the dollar on Wednesday owing to lower demand of the foreign currency on expectation of declining demand.
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Deposits of Islamic banks grow by 28pc to Rs3.39 trillion
KARACHI: Deposits of Islamic banking institutions have increased by 28 percent to Rs3.39 trillion for the year ended December 31, 2020, the State Bank of Pakistan (SBP) said on Wednesday. The deposits of the Islamic banks were at Rs2.65 trillion by year ended December 31, 2019. The market share of Islamic banks in overall banking…
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SBP amends regulations to encourage investment in REITs
KARACHI: State Bank of Pakistan (SBP) on Monday amended prudential regulations to encourage enhanced participation and investment of banks and development financial institutions in the Real Estate Investment Trusts (REITs). The SBP in a statement said that in line with the government initiative for the development of housing and construction sector, the State Bank of…
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Rupee gains 12 paisas on surplus current account
KARACHI: The Pak Rupee gained 12 paisas against the dollar on Monday as current account remained surplus during first eight months of the current fiscal year. The rupee ended Rs155.85 to the dollar from last Friday’s closing of Rs155.97 in the interbank foreign exchange market. Currency dealers said that positive sentiments prevailed as current account…
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