Tag: SBP

SBP issues fake call alert; advises not to share account information

KARACHI: The State Bank of Pakistan (SBP) on Sunday issued alert warning general public that unscrupulous elements are making phone calls to collect account holders information.

“It has come to the knowledge of SBP that unscrupulous elements are making phone calls to individuals, impersonating as officials of SBP or other agencies, seeking personal information regarding their deposit accounts on the pretext that SBP is collecting information from banking customers in light of emergency declared in the country due to COVID-19,” the SBP said.

In some instances, the fraudsters also claim that the information is required to ensure smooth functioning of their accounts in case ATM services become unavailable.

The central bank said that it never seeks details of account holders of any bank and all such calls made on its behalf are a hoax and with fraudulent intentions.

Public is advised not to respond to any such calls and provide any information.

Please report such calls to your bank immediately.

In addition, these call can also be reported to SBP helpline at 021-111-727-273 (during business hours) or at email [email protected].

June 7, 2020
Foreign exchange reserves decline by $1.68 billion

KARACHI: The liquid foreign exchange reserves of the country fell by $1.68 billion to $16.92 billion by week ended May 29, 2020, State Bank of Pakistan (SBP) said on Thursday.

The total foreign exchange reserves of the country were $18.599 billion a week ago.

The foreign exchange held by the central bank fell by $1.712 billion to $10.362 billion by week ended May 29, 2020 as compared with official reserves of $12.074 billion.

This decline is primarily attributed to the government external debt repayments of $1.669 billion.

The foreign exchange held by commercial banks however increased by $34 million to $6.558 billion by week ended May 29, 2020 as compared with $6.524 billion a week ago.

June 4, 2020
SBP takes additional cash management measures amid rapid spread of coronavirus

KARACHI: The State Bank of Pakistan (SBP) has implemented additional measures for cash movement amidst the rapid spread of COVID-19. In a notification issued to the CEOs and Presidents of banks, the SBP emphasized the importance of these measures to protect those directly involved in cash management and operations.
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June 4, 2020
Foreign exchange reserves slip by $20 million

KARACHI: The liquid foreign exchange reserves of the country have slipped by $20 million to $18.598 billion by week ended May 21, 2020.

The total foreign exchange reserves of the country were at $18.618 billion a week ago, State Bank of Pakistan (SBP) said on Thursday.

The official reserves of the central bank fell by $55 million to $12.074 billion by week ended May 21, 2020 as compared with $12.129 billion a week ago.

The SBP attributed the decline to external debt repayment.

The foreign exchange reserves held by commercial banks however increased by $35 million to $6.524 billion by week ended May 21, 2020 as against $6.489 billion a week ago.

May 28, 2020
Banks timing revised

KARACHI: State Bank of Pakistan (SBP) on Wednesday issued revised banks timing from May 27, 2020 after Ramazan ul Mubarak.

In a notification sent to president and chief executives of all banks, development finance institutions and microfinance banks, the SBP said that the central bank will observe the following office timings till further orders:

Monday to Thursday: 10:00 a.m. to 4:30 p.m. (with prayer / lunch break from 1:30 p.m. to 2:00 p.m.)

Friday: 10:00 a.m. to 1:00 p.m.

Banks / DFIs / MFBs are accordingly advised to ensure compliance of the above-mentioned timings in letter and spirit, the SBP said.

May 28, 2020
Banks to open selected branches on May 27

KARACHI: Banks likely to open selected branches on Wednesday, May 27, 2020 to facilitate their customers in wake of long holidays for Eid ul Fitr.

It is pertinent to mention that the government announced six holidays for Eid-ul-Fitr from May 22 – 27, 2020 (Friday – Wednesday).

Tomorrow i.e. Wednesday May 27, 2020 is the last day of ongoing holidays. Due to closure of financial institutions for the long period, people are facing cash problems for their day to day transactions.

The State Bank of Pakistan (SBP) on May 20, 2020 already granted approval for banks for opening of selected branches on May 27, 2020.

The SBP said: “In order to ensure the availability of limited banking services to public at large during the extended holidays on the occasion of Eid‐ul‐Fitr, it has been decided that banks / MFBs may open their selected branches on Wednesday, May 27, 2020 at their own discretion in various business centers / commercial hubs etc. across Pakistan.

“However, it may be noted that RTGS System and Clearing through NIFT will not be available on the above‐mentioned date.

“Accordingly, NIFT will collect Financial Instruments from branches on Thursday, May 28, 2020 for clearing purposes.

“For this purpose, banks / MFBs should ensure the deployment of minimal number of staff necessary to carry out smooth working at their selected branches on the above date.”

May 26, 2020
Foreign exchange reserves decrease by $126 million

KARACHI, May 18, 2020 – The foreign exchange reserves of Pakistan have experienced a decline of $126 million, reaching $18.618 billion by the week ending May 15, 2020, according to a report released by the State Bank of Pakistan (SBP) on Thursday.
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May 21, 2020
Current account deficit contracts by 71 percent in 10 months

KARACHI: The current account deficit (CAD) has contracted by 71 percent during first ten months of current fiscal year owing to sharp fall in import payments.

According to Balance of Payment (BOP) data released by State Bank of Pakistan (SBP) on Thursday showed that the current account deficit was at $3.343 billion during July – April 2019/2020 as compared with the deficit of $11.45 billion in the same period of the last fiscal year.

The significant decline in current account deficit was attributed to massive decline in import bill. The total import bill of the country fell by 16.25 percent to $38 billion during first ten months of current fiscal year as compared with $45.39 billion in the corresponding period of the last fiscal year.

However, exports of the country also fell by 4 percent to $18.4 billion during first ten months of current fiscal year as compared with $19.1 billion in the corresponding period of the last fiscal year.

On the other hand, the SBP received workers’ remittances during July – April FY20 amounted to US $ 18,781.6 million recording an increase US $ 980.6 million or 5.5 percent over remittances received during July – April FY19 (US $ 17,801.0 million).

The current account deficit was recorded at $572 million during April 2020 as compared with the deficit of $9 million in March 2020.

May 21, 2020
SBP allows banks to open selected branches on May 27

KARACHI: The State Bank of Pakistan (SBP) has granted permission for banks to open selected branches on May 27, 2020, to facilitate the public during the extended holidays for Eid-ul-Fitr.
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May 20, 2020
Bank holidays for Eid-ul-Fitr announced

KARACHI: Banks shall remain closed during May 22 – 27, 2020 (Friday to Wednesday) on the occasion of Eid ul Fitr.

In an official note on Wednesday issued by State Bank of Pakistan (SBP) said that the central bank will remain closed from 22nd to 27th May, 2020 (Friday to Wednesday) on the occasion of Eid-ul-Fitr.

May 20, 2020