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Tag: State Bank of Pakistan

  • Foreign exchange reserves slip by $20 million

    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.

  • Banks timing revised

    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.

  • Banks to open selected branches on May 27

    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.”

  • Foreign exchange reserves decrease by $126 million

    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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  • SBP allows banks to open selected branches on May 27

    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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  • Bank holidays for Eid-ul-Fitr announced

    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.

  • SBP tightens remittances reporting system

    SBP tightens remittances reporting system

    KARACHI: The State Bank of Pakistan (SBP) has implemented stricter reporting measures for monthly foreign exchange returns submitted by banks, aiming to ensure more accurate data on remittances.

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  • SBP allows reimbursement claims for payment of wages, salaries

    SBP allows reimbursement claims for payment of wages, salaries

    KARACHI: State Bank of Pakistan (SBP) on Tuesday decided to allow reimbursement claims for those business concerns, which paid wages and salaries through own resources.

    The central bank through a notification on April 10, 2020 launched refinance scheme for payment of wages and salaries to the workers and employees of business concerns considering the financial impact due to coronavirus and subsequent lockdown.

    The SBP said that those borrowers who had applied for the facility in the month of April, 2020 but could not get approval in April due to the formalities were allowed to claim reimbursement of April salaries and wages paid from their own sources.

    It has been decided to allow similar facilitation for the salaries of May 2020.

    “Hence, businesses, who applied for the facility under the captioned Schemes in May 2020, can pay wages and salaries from their own sources and claim reimbursement of the same after their financing is approved.”

    Further, to facilitate those borrowers who could not apply in month of April, 2020 and paid wages and salaries of April from their own sources can also claim reimbursement under the captioned schemes provided all other terms and conditions including not laying off the employees are met.

  • Foreign direct investment surges 127 percent in ten months

    Foreign direct investment surges 127 percent in ten months

    KARACHI: The inflow of Foreign Direct Investment (FDI) posted significant increase of 127 percent during first ten months of current fiscal year, State Bank of Pakistan (SBP) said on Monday.

    The FDI was recorded $2.28 billion during July – April 2019/2020 as compared with $1 billion in the corresponding period of the last fiscal year.

    The inflow under FDI was at $2.87 billion as compare during first ten months of current fiscal year as compared with $2.31 billion in the corresponding period of the last fiscal year.

    Similarly, the outflows under the FDI was recorded 55 percent decrease to $590 million during the period under review as compared with $1.31 billion in the same period of the last fiscal year.

    The portfolio investment posted 55 percent growth. The portfolio investment recorded outflow of $182 million during July – April 2019/2020 as compared with outflow of $408 million.

    Total foreign private investment including FDI and portfolio investment urged 251 percent to $2.1 billion during first ten months of current fiscal year as compared with $598 million in the same period of the last fiscal year.