Pkrevenue.com

Tag: State Bank of Pakistan

  • SBP enhances borrowing limit under LTFF to Rs5 billion

    SBP enhances borrowing limit under LTFF to Rs5 billion

    KARACHI: The State Bank of Pakistan (SBP) has enhanced the maximum borrowing limit under Long Term Financing Facility (LTFF) to Rs5 billion from Rs2.5 billion.

    In a statement on Tuesday, the central bank said that it had extended the scope of LTFF to cover all permissible export oriented sectors.

    This step is aimed at setting up of diverse export oriented projects in Pakistan and to boost exports in multiple sectors.

    Further, to accommodate enhanced financing requirements of exporters for setting up long term export oriented projects, maximum limit of Rs. 2.5 billion has been enhanced to Rs. 5 billion per project under LTFF.

    In line with the above measure, SBP has also provided additional concessional financing of Rs.200 billion to banks including Rs. 100 billion under Long Term Financing Facility (LTFF) and Rs. 100 billion under Export Refinance Scheme (EFS), to be utilized by June 30, 2020.

    Going forward, to further promote SME exporters, SBP in consultation with the relevant stakeholders, is in the process of devising an elaborate mechanism for the allocation of LTFF and EFS to SME exporters.

    These changes are likely to be announced in March 2020.

  • SBP allows 100% advance payment for import

    SBP allows 100% advance payment for import

    KARACHI: State Bank of Pakistan (SBP) has allowed 100 percent advance payment for import of various goods against letter credit.

    (more…)
  • SBP keeps policy rate unchanged at 13.25%

    SBP keeps policy rate unchanged at 13.25%

    KARACHI: The State Bank of Pakistan (SBP) announced on Tuesday that it has decided to maintain the policy rate at 13.25%. SBP Governor Dr. Raza Baqir conveyed this decision, which was made during the Monetary Policy Committee (MPC) meeting. The SBP emphasized that the outlook for inflation remains steady, prompting the committee to retain the current monetary policy stance.

    (more…)
  • Murtaza Syed appointed as SBP deputy governor

    Murtaza Syed appointed as SBP deputy governor

    KARACHI: The federal government has officially appointed Dr. Murtaza Syed as Deputy Governor of the State Bank of Pakistan (SBP), in accordance with Section 10(4) of the SBP Act of 1956 (as amended), the central bank announced on Tuesday. Dr. Syed assumed his responsibilities at the SBP on January 27, 2020, bringing with him a wealth of experience in macroeconomic policy and research.

    (more…)
  • Foreign exchange reserves increase to $18.271 billion

    Foreign exchange reserves increase to $18.271 billion

    Pakistan’s liquid foreign exchange reserves saw a notable increase of $148 million, reaching a total of $18.271 billion by the week ending January 17, 2020, according to a statement released by the State Bank of Pakistan (SBP) on Thursday.

    (more…)
  • SBP to announce monetary policy on January 28

    SBP to announce monetary policy on January 28

    The State Bank of Pakistan (SBP) is set to unveil its monetary policy for the upcoming two months on Tuesday, January 28, 2020, as confirmed by a statement released on Tuesday.

    (more…)
  • Banks asked to ensure compliance in collection of donations for Dam Fund

    Banks asked to ensure compliance in collection of donations for Dam Fund

    KARACHI: State Bank of Pakistan (SBP) on Monday said any laxity by banks in collection of donations for Dam Funds will tantamount to contempt of court.

    “The apex court of the country [Supreme Court of Pakistan] is monitoring progress in the matter of donations to the Fund. Any laxity by banks or their staff at branches will attract penal action and may also tantamount to contempt of court,” the SBP said.

    The banks are therefore, advised to ensure meticulous compliance of above instructions and extend full cooperation to donors in deposit of their donations/contributions, the SBP added.

    The central bank said that in a recent hearing of the subject case, the Honorable Supreme Court of Pakistan has observed that there are complaints that banks are not accepting donations from people contributing to the Dam Fund, and are also not actively facilitating donors in remittance of the funds stuck abroad.

    In order to address the issues being faced by donors, banks are advised to ensure that the arrangements made for collection of donations and contributions to the Dam Fund shall remain in place at every bank branch on an ongoing basis; requiring all concerned to provide necessary support and facilitation to donors.

    The banks are further directed to ask their overseas branches to facilitate the donors in depositing and remittance of donations to the Fund in accordance with the legal and regulatory framework of concerned jurisdiction.

    The banks shall display SBP’s helpline number and email address on their websites and branch notice boards for lodging of complaints by donors if they face any difficulty in depositing and contributing to the Fund.

  • Foreign exchange reserves increase to $18.123 billion

    Foreign exchange reserves increase to $18.123 billion

    KARACHI: The foreign exchange reserves of the country have increased by $39 million to $18.123 billion by week ended January 10, 2020 as compared with $18.084 billion a week ago, State Bank of Pakistan (SBP) said on Thursday.

    (more…)
  • Foreign direct investment increases by 68.3% in first half

    Foreign direct investment increases by 68.3% in first half

    KARACHI: The foreign direct investment (FDI) into Pakistan has increased by 68.3 percent during first six months (July – December) of 2019/2020 owing to lower outflows during the period, according to data released by State Bank of Pakistan (SBP) on Thursday.

    The FDI increased to $1.34 billion during first six months of current fiscal year as compared with $796.8 million in the corresponding months of the last fiscal year.

    The inflows under the head were at $1.71 billion during the period under review as compared with $1.84 billion in the same period in the last fiscal year.

    The outflows were at $391.2 million during first half of the current fiscal year as compared with $1.05 billion in the corresponding half of the last fiscal year.

    The portfolio investment in the equity market witnessed increased by $18.8 million in July – December 2019/2020 as compared with outflows of $419.8 million in corresponding period of the last fiscal year.

    The total foreign private investment surged by 260.6 percent to $1.36 billion during the first half of the current fiscal year as compared with $377 million in the same half of the last fiscal year.

    During the period under review an investment of $452 million was witnessed in the debt securities as foreign public investment.

    The total foreign investment increased to $1.81 billion during first six months of current fiscal year as compared with $377 million in the corresponding months of the last fiscal year.