Karachi, October 20, 2024 — The State Bank of Pakistan (SBP) has reported a staggering 43.3% surge in Pakistan’s interest payments during the fiscal year 2023-24. According to the SBP’s latest report, total interest expenditures reached an alarming Rs 8.2 trillion, up from Rs 5.7 trillion in the previous year, exerting immense pressure on the country’s fiscal health.
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Provincial Tax Revenue-to-GDP Ratio Dips to 0.7%: SBP Report
Karachi, October 20, 2024 — In a recent report, the State Bank of Pakistan (SBP) revealed a concerning decline in the provincial tax revenue-to-GDP ratio, which fell to 0.7% during the fiscal year 2023-24, down from 0.8% in the previous year.
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High Interest Rates Bolster FBR Tax Collection in FY24: SBP
Karachi, October 20, 2024 — The State Bank of Pakistan (SBP) has attributed a significant surge in Federal Board of Revenue (FBR) tax collection for the fiscal year 2023-24 to elevated interest rates.
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Car Financing Sees Modest Uptick Following Interest Rate Cut
Car financing in Pakistan experienced a modest increase of Rs245 million, or 0.1 percent, in September, marking the end of a 27-month decline. This shift can be attributed to a decrease in interest rates. As of September 2024, car loans climbed to Rs227.541 billion, up from Rs227.296 billion in August, according to the latest data released by the State Bank of Pakistan (SBP) on Friday. Despite this monthly rise, auto financing remains down 16.4 percent year-on-year in September.
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SBP Issues Foreign Exchange Rates for October 18, 2024
Today, October 18, 2024, the State Bank of Pakistan (SBP) disclosed the foreign exchange rates for customers, establishing a vital reference point for cross-border transactions.
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SBP Unveils Alarming Insights on C-Efficiency Ratio and GST in Pakistan
Karachi, October 18, 2024 – In a striking revelation, the State Bank of Pakistan (SBP) has shed light on the alarming state of Pakistan’s C-Efficiency Ratio (CER) and the effective General Sales Tax (GST) rate during the fiscal year 2023-24. The SBP’s findings underscore critical challenges in the country’s tax enforcement and base expansion, painting a concerning picture for policymakers.
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SBP Suggests Measures to Boost Pakistan’s Tax-to-GDP Ratio
Karachi, October 17, 2024 – The State Bank of Pakistan (SBP) on Thursday proposed a series of tax reforms aimed at significantly increasing the country’s tax-to-GDP ratio, which has stagnated at approximately 10% for the last two and a half decades.
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Pakistan’s Weekly Forex Reserves Increase by $64 Million
Karachi, October 17, 2024 – In a positive turn for Pakistan’s economic stability, the country’s net foreign exchange (forex) reserves saw a modest uptick of $64 million by the week ending October 10, 2024, as reported by the State Bank of Pakistan (SBP) on Thursday.
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SBP Projects GDP Growth at 3.5% for FY25, Slightly Below Target
Karachi, October 17, 2024 – The State Bank of Pakistan (SBP) has projected the country’s gross domestic product (GDP) growth at 3.5% for the fiscal year 2024-25, just shy of the government’s target of 3.6%.
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SBP Issues Foreign Exchange Rates for October 17, 2024
Today, October 17, 2024, the State Bank of Pakistan (SBP) disclosed the foreign exchange rates for customers, establishing a vital reference point for cross-border transactions.
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