About 7.65 million bank accounts still require biometric verification for AML/CFT compliance

KARACHI: Around 7.65 million bank accounts are still unverified till June 30, 2019. The verification of bank accounts is mandatory through biometric system in order to mitigate risks of money laundering and... Read more »

State Bank incurs Rs506 billion exchange loss in 2018/2019

KARACHI: The State Bank of Pakistan (SBP) incurred a net exchange loss of Rs506.13 billion during fiscal year 2018/2019 as against exchange loss of Rs72.28 billion during the preceding fiscal year, according... Read more »

Tax collection from salary income plunges by 43pc: State Bank

KARACHI: The income tax collection from salary income has witnessed sharp decline of 43 percent during fiscal year 2018/2019 due to significant concession granted in the budget of election year. Read more »

Consumer financing loses pace on housing, car loan shocks

KARACHI: The consumer financing has lost pace in fiscal year 2018/2019 to total loans of Rs57.3 billion as compared with Rs86.5 billion in preceding fiscal year. The major drag came from auto... Read more »

Opposition to CNIC condition because of misunderstanding: State Bank

KARACHI: State Bank of Pakistan (SBP) on Monday said opposition from traders against CNIC condition on sales transactions was because of misunderstanding. Read more »

SBP emphasizes more efforts for taking Pakistan out of FATF grey list

KARACHI: Dr. Reza Baqir, Governor State Bank of Pakistan (SBP) on Monday emphasized on putting more effort against money laundering and terrorist financing to ensure that Pakistan is out of grey list... Read more »

SBP forecasts subdued growth with high inflation

KARACHI: State Bank of Pakistan (SBP) on Monday forecast subdued GDP growth with high inflation for the current fiscal year. Read more »

SBP issues common red flag indicators for trade based money laundering

KARACHI: State Bank of Pakistan (SBP) has issued common red flag indicators for banks to take care in avoiding trade based money laundering and terrorist financing. Read more »

Banks disburse Rs26.76 billion business loans to youth

KARACHI: Banks have disbursed an amount of Rs26.76 billion under Prime Minister’s Youth Business Loans (PMYBL) till June 30, 2019 as against the amount of Rs25.13 billion disbursed till June 30, 2019. Read more »

Pakistan’s forex reserves increased by $149.7 million to $15.142 billion

KARACHI: The total liquid foreign exchange reserves have increased by $149.70 million to $15.142 billion by week ended October 11, 2016 as compared with $14.992 billion a week ago, State Bank of... Read more »

SBP facilitates overseas Pakistanis in biometric verification

KARACHI: State Bank of Pakistan (SBP) has facilitated overseas Pakistanis in their biometric verification for operating bank accounts. Read more »

SBP gives deadline to banks for IFRS-9 implementation

KARACHI: State Bank of Pakistan (SBP) on Wednesday directed banks to implement International Financial Reporting Standard on Financial Instruments i.e. IFRS 9 from January 01, 2021. Read more »