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Tag: SBP

  • Foreign investment falls 81 percent during July – November

    Foreign investment falls 81 percent during July – November

    KARACHI: The inflow of total foreign investment fell by around 81 percent during first five months of the current fiscal year due to outflow of investment from debt securities.

    According to data released by State Bank of Pakistan (SBP) on Wednesday the foreign public investment fell by 112.5 percent mainly due to outflow in debt securities.

    The investment in debt securities witnessed outflow of $142 million during first five months of the current fiscal year as compared with inflows of $1.13 billion in the same period of the last fiscal year.

    The other segment of total investment i.e. foreign private investment witnessed a decline of 40 percent during the period under review.

    The foreign private investment fell to $531.6 million during July – November of the current fiscal year as compared with $884 million in the corresponding period of the last fiscal year.

    Under the head of foreign private investment, the inflow of direct investment witnessed 17 percent to $717 million during first five months of the current fiscal year as compared with $864.4 million in the same period of the last fiscal year.

    The investment in capital market witnessed massive outflow during the period. The portfolio investment during first five months of the current fiscal year witnessed outflow of $185.8 million as compared with inflow of $19.5 million in the same period of the last fiscal year.

  • Banking deposits increase by 18pc in November

    Banking deposits increase by 18pc in November

    KARACHI: Deposits of the banking system have increased by 18 percent to Rs16.84 trillion by end of November 2020 as compared with same month of the last year, according to details released by the State Bank of Pakistan (SBP).

    The banking deposits were at Rs14.31 trillion by November 2019.

    The deposits of the banking system have increased by 1.1 percent in November 2020 as compared with Rs16.66 billion in October 2020.

    The banking deposits hit all time high of Rs16.88 trillion in September 2020.

    Banking experts said that the deposits were increasing due to second phase of coronavirus. In the first phase the deposits witnessed significant increase due to shrinking investment avenues.

    FBR to get information of banking deposits, payments, profit on debt
  • Banks to reveal key information for deposit accounts

    Banks to reveal key information for deposit accounts

    KARACHI: State Bank of Pakistan (SBP) on Monday issued guidelines for banks to ensure disclosure of key information for deposit accounts.

    In a circular, the central bank said that effective disclosure is considered a fundamental component of the Financial Consumer Protection regime.

    Standardized disclosures as Key Fact Statements (KFS) increase consumer comprehension about a banking product’s affordability and risks, leading to better decision-making.

    Similarly, KFS also minimizes the risks of ineffective disclosures on part of the banks by standardizing the information provided to the consumer.

    The SBP in its endeavor to promote Responsible Banking Conduct and Fair Treatment of Consumers (FTC) recognizes the importance of standardized disclosures.

    Accordingly, KFS for consumer credit products and Most Important Document (MID) for third party products have already been issued vide CPD Circular No.3 of 2014, BC & CPD Circular No. 2 of 2016, and CPD Circular No. 2 of 2012.

    KFS for deposit products have now been developed and are being issued through this circular for adoption as per the requirements listed below:

    Banks/MFBs/DFIs are required to provide KFS to all their prospective customers from April 1, 2021, for comparison and decision making. Banks/MFBs/DFIs will ensure the availability of KFS in branches, on the website, e-banking interfaces, etc.

    At the time of account opening, the KFS duly signed by the Banks/MFBs/DFIs, and the customer will be retained with the account opening form and its duplicate copy will be provided to the customer for record and information.

    Banks/MFBs/DFIs are required to make necessary changes in their related SOPs and Policies for the seamless adoption of KFS to incorporate the requirement of KFS. Further, the provision of KFS as mentioned above in para 1 and the accuracy of the information contained therein will be checked by the Internal Audit during the regular audit.

    Adequate consumer awareness initiatives and staff training may also be undertaken by Banks/MFBs/DFIs regarding the use of KFS and its vitality.

  • Remittances grow 27 percent during July – November

    Remittances grow 27 percent during July – November

    KARACHI – The State Bank of Pakistan (SBP) reported a significant 27% growth in workers’ remittances during the first five months (July-November) of the current fiscal year (FY21), underscoring a resilient trend in foreign inflows facilitated through formal channels.

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  • Foreign exchange reserves increase by $160 million

    Foreign exchange reserves increase by $160 million

    KARACHI: The liquid foreign exchange reserves of the country have increased by $160 million to $20.402 billion by week ended December 04, 2020, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were at $20.242 billion by week ended November 27, 2020.

    During the week ended December 04, 2020, SBP received $359 million from multilateral/bilateral sources including $307 million from Asian Development Bank (ADB).

    After accounting for external debt repayments, SBP reserves increased by $188 million to $13.298 billion.

    The foreign exchange reserves held by commercial banks however fell by $27 million to $7.104 billion by week ended December 04, 2020 as compared with $7.131 billion a week ago.

    SBP approves Rs82.6 million interest free student loan
  • Sale of Rs25,000 denomination prize bonds stopped

    Sale of Rs25,000 denomination prize bonds stopped

    KARACHI: The government has stopped the sale of prize bonds of Rs25,000 denomination with immediate effect and the same shall not be encashed / redeemed after May 31, 2021, State Bank of Pakistan (SBP) said on Thursday.

    The SBP said that the finance ministry had already issued instructions in this regard a day earlier. The ministry also announced the issuance of registered or premium prize bonds of Rs25,000 denomination.

    The SBP issued following instructions to the president and CEOs of all commercial banks regarding option to replace / encash the bonds:

    1. Conversion to Premium Prize Bonds (Registered)

    i. The Bonds can be converted to Rs. 25,000/-denomination Premium Prize Bonds (Registered) through the 16 field offices of SBP Banking Services Corporation, and branches of six authorized commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited and Bank Alfalah Limited.

    ii. The authorized commercial banks shall also issue Rs. 25,000/-denomination Premium Prize Bonds (Registered)as per the prescribed procedure, with immediate effect. Stock of the same has already been delivered to authorized commercial banks.

    iii. The bondholder shall be required to submit a written request for conversion of bearer bonds to Rs. 25,000/-Premium Prize Bonds (Registered) on the prescribed application form.

    iv. The bondholder shall also be required to submit prescribed application forms for registration / purchase of Premium Prize Bonds as per the procedure in vogue.

    2. Replacement with Special Savings Certificate (SSC) / Defence Savings Certificate (DSC)

    i. The Bonds can be replaced with SSC / DSC through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks and National Savings Centers.

    ii. All authorized commercial banks shall, therefore, accept requests for replacement of bearer bonds with SSC or DSC on the prescribed application form.

    iii. The bondholder shall also be required to submit application form for purchase of SSC / DSC (SC-1) as per the prescribed procedure

    3. Encashment at Face Value

    i. The Bonds will only be encashed by transferring the proceeds to the bond holder`s bank account through the 16 field offices of SBP Banking Services Corporation, at authorized commercial bank branches and to the Savings Accounts at National Savings Centres.

    ii. All commercial banks shall receive requests for encashment of bearer bonds on the prescribed application form.

    A copy of the application form (Annexure A), duly signed and stamped, shall be provided to the bondholder as an acknowledgement receipt.

    Moreover, the prize bonds encashed / replaced by the general public may be surrendered to the concerned SBP BSC office through the respective regional office of the commercial bank.

    For this purpose, the regional office may intimate the SBP BSC office three days in advance so that necessary arrangements for receipt of the bonds can be made.

    It is imperative to mention that a notice regarding the above-mentioned facilities must be displayed at prominent places within branch premises for awareness and information of the general public.

  • Date extended for Rs40,000 prize bonds withdrawal

    Date extended for Rs40,000 prize bonds withdrawal

    KARACHI: State Bank of Pakistan (SBP) on Tuesday announced extension in date for encashment, replacement and conversion of unregistered Rs40,000 denomination prize bonds.

    The SBP said that the date for withdrawal of the prize bonds had been extended up to December 30, 2021.

    The central bank said that the Finance Division, Government of Pakistan has extended the last date for encashment / replacement / conversion of Rs. 40,000/- denomination National Prize Bonds (bearer) till December 30, 2021 vide their Notification No. F.16(3)GS-I/2014-1603 dated November 26, 2020.

    The branch / region wise consolidated data of Rs. 40,000/- denomination prize bonds held by them on last date i.e. December 30, 2021 shall be shared latest by December 31, 2021, as per the instructions stipulated in Para 4 of CMD Circular No. 4 dated June 30, 2020.

    All other instructions in this regard shall remain unchanged.

    Kindly disseminate aforementioned instructions to all branches and concerned officials for information and strict compliance, the SBP said.

  • Banks observe extended working hours to facilitate taxpayers

    Banks observe extended working hours to facilitate taxpayers

    KARACHI: The State Bank of Pakistan (SBP) has instructed banks across the country to observe extended hours on December 8, 2020, in a move aimed at facilitating taxpayers in making timely payments of duties and taxes.

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  • Key data of banking system: bank accounts top 60 million

    Key data of banking system: bank accounts top 60 million

    KARACHI: Around 60 million bank accounts are in the country having population of 208.31 million, the State Bank of Pakistan (SBP) said in a report.

    The SBP in its report on payment system released this week said that the currency circulation by September 30, 2020 was at Rs6,422 billion.

    According to the central bank the payment system infrastructure as on September 30, 2020:

    Number of Banks (Branches)44(16,121)
    Commercial/ Specialized Banks Branches14,938
    Microfinance (Branches)1,183
    Number of Real Time Online Branches (RTOBs)15,978
    Number of banks having ATM machines35
    Number of banks having open-looped POS machines5
    Number of banks having closed-looped POS machines4
    Number of banks providing Internet Banking services27
    Number of Banks providing Mobile Phone Banking services27
    Number of Banks providing Call Center Banking services23
    Total Number of PRISM System Participants50
    Total number of ATMs Interoperable Switches1
    Total number of Cash & Cheque Deposits Machines (CDMs)184
    Total number of Cash Deposits Machines with Cash Withdrawal facility20
    Multipurpose ATMs (With Cash & Cheque Deposit & Cash Withdrawal)15