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Tag: State Bank of Pakistan

  • Overseas Pakistanis send $17.87 billion in 10 months

    Overseas Pakistanis send $17.87 billion in 10 months

    KARACHI: Overseas Pakistanis have sent remittances worth $17.875 billion during first ten months (July – April) 2018/2019, which is 8.45 percent higher when compared with remittances in the same period of the last fiscal year, State Bank of Pakistan (SBP) said on Friday.

    Overseas Pakistani workers remitted $17.875 billion in the first ten months (July to April) of 2018/2019, showing a growth of 8.45 percent compared with $16.481 billion received during the same period in the preceding year.

    During April 2019, the inflow of worker’s remittances amounted to $1,778.90 million, which is 2 percent higher than March 2019 and 6 percent higher than April 2018.

    The country wise details for the month of April 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $427.82 million, $372.43 million, $269.56 million, $280.02 million, $175.44 million and $48.19 million respectively compared with the inflow of $399.56 million, $362.40 million, $250.91 million, $245.85 million, $167.68 million and $54.75 million respectively in April 2018.

    Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during April 2019 amounted to $205.43 million together as against $197.72 million received in April 2018.

  • Pakistan’s forex reserves increase by $229 million

    Pakistan’s forex reserves increase by $229 million

    KARACHI: The foreign exchange reserves of the country have increased by $229 million to $15.972 billion by week ended May 03, 2019 as compared with $15.742 billion a week ago, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves held by central bank increased by $179 million to $8.984 billion as compared with $8.805 billion a week ago. The SBP said that the reserves were increased doe to official government inflows.

    The reserves held by commercial banks also increased by $51 million to $6.988 billion as compared with $6.937 billion a week ago.

  • SBP sells T-Bills worth Rs560bn at 11.249pc cut-off yield

    SBP sells T-Bills worth Rs560bn at 11.249pc cut-off yield

    KARACHI: State Bank of Pakistan (SBP) has sold treasury bills amounting Rs560 billion at cut-off yield at 11.2491 percent, much above the key policy rate of 10.75 percent.

    The SBP on Wednesday offered bids to auction Market Treasury Bills (MTB) of three-, six- and 12-month maturities.

    The SBP received bids of Rs560 billion at face value of Rs574.186 billion in three-month MTBs. However, the SBP did not receive bids in other papers.

    The central bank accepted all the bids in three-month maturities at cut-off yield of 11.2491 percent.

    The high cut-off yield indicates further rise in key policy rate to be announced this month.

    In its monetary policy announcement on March 29, 2019 the SBP increased key policy rate by 50 basis points to 10.75 percent.

    Banking experts said that the financial institutions were only interested in short term maturities as those were anticipating further hike in policy rate in upcoming monetary policy announcement.

    The SBP has set a target of Rs1,200 billion for this auction in order to help the government in meeting budgetary financing.

    However, the central bank could only raise Rs560 billion.

    SBP sells treasury bills worth Rs415.72 billion at above 11pc cut-off yield

  • Reza Baqir assumes charge as SBP governor

    Reza Baqir assumes charge as SBP governor

    KARACHI: Dr. Reza Baqir assumed the charge of Governor State Bank of Pakistan (SBP) on Sunday after President of Pakistan appointed him as Governor State Bank of Pakistan for a period of three years.

    A statement issued by the SBP said that Dr. Reza Baqir has eighteen years of experience with the IMF and two years with the World Bank.

    He was the Head of the IMF’s Office in Egypt and Senior Resident Representative since August 2017.

    He has also held positions as IMF Mission Chief for Romania and Bulgaria, Division Chief of the IMF’s Debt Policy Division, Head of the IMF delegation to the Paris Club, Deputy Division Chief of the IMF’s Emerging Markets Division, IMF Resident Representative to the Philippines, and numerous other positions.

    Dr. Baqir’s research has been published in top journals of the economics profession, including the Journal of Political Economy and the Quarterly Journal of Economics.

    Dr. Baqir holds a Ph.D in Economics from the University of California at Berkeley and an A.B. (Magna cum Laude) in Economics from Harvard University.

  • Reza Baqir appointed as SBP governor

    Reza Baqir appointed as SBP governor

    ISLAMABAD: The federal government on Saturday appointed Dr. Reza Baqir as the governor of State Bank of Pakistan (SBP) for next three years.

    A notification issued by the finance division said that President of Pakistan had appointed Dr. Reza Baqir as governor SBP for a period of three years from the date he assumes office.

    The terms and conditions of his appointment will be notified later with the approval of the President of Pakistan.

    Dr. Reza Baqir is currently service for the International Monetary Fund (IMF) and resident representative for Arab Republic of Egypt.

  • Banking timings during Ramazan-ul-Mubarak announced

    Banking timings during Ramazan-ul-Mubarak announced

    KARACHI: State Bank of Pakistan (SBP) on Friday announced banking timings during holy month of Ramazan-ul-Mubarak.

    During the ensuing holy month of Ramazan-ul-Mubarak 1440 AH, the following office hours will be observed in the State Bank of Pakistan, which will also be followed by all banks, development finance institutions and microfinance banks:-

    Monday to Thursday from 10:00am to 4:00pm with prayer break from 2:00pm to 2:15pm whereas on Fridays office hours will be from 9:00am to 2:00pm without any break.

    However, it is further advised to observe the following business (banking) hours for public dealing:-

    Monday to Thursday from 10:00am to 2:00pm without any break whereas on Fridays business (banking) hours for public dealing will be from 9:00am to 1:00pm without any break.

    After the holy month of Ramazan-ul-Mubarak, the above timings will automatically be reverted to pre Ramadan-ul-Mubarak timings, the SBP said.

  • Banks to remain close on 1st Ramazan

    Banks to remain close on 1st Ramazan

    KARACHI: State Bank of Pakistan (SBP) on Friday said that it will remain closed for public dealing on 1st Ramadan-ul-Mubarak 1440 A.H., which will be observed as Bank Holiday for deduction of Zakat, as usual.

    All banks / development financial institutions / microfinance banks shall, therefore, remain closed for public dealing on 1st Ramadan-ul-Mubarak 1440 A.H.

    However, all employees of the banks / DFIs / MFBs will attend the office on Bank Holiday treating it as normal working day (except for public dealing).

  • Nisab of Zakat fixed at Rs44,415 for deduction from bank accounts

    Nisab of Zakat fixed at Rs44,415 for deduction from bank accounts

    KARACHI – The government of Pakistan has officially announced the Nisab of Zakat for the Zakat Year 1439-40 AH, setting the threshold at Rs44,415, according to a statement released by the State Bank of Pakistan (SBP) on Friday.

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  • forex reserves deplete by $251 million to $15.743 billion

    forex reserves deplete by $251 million to $15.743 billion

    KARACHI: The total liquid foreign exchange reserves of the country have depleted by $251 million to $15.743 billion by week ended April 26, 2019 as against $15.994 billion in the previous week, State Bank of Pakistan (SBP) said on Thursday.

    The official reserves of the central bank fell by $219 million to $8,805 billion for the week under review as against $9.024 billion by week ended April 19, 2019. The central bank said that the official reserves were declined due to external debt servicing and other official payments.

    The foreign exchange reserves with the commercial banks also declined by $33 million to $6.937 billion for the week ended April 26, 2019 as compared with $6.97 billion a week ago.

  • SBP extends IRFS 16 implementation to June 30

    SBP extends IRFS 16 implementation to June 30

    The State Bank of Pakistan (SBP) has granted an extension for the implementation of IFRS 16 for banks, development financial institutions (DFIs), and microfinance banks (MFBs) in Pakistan. The new deadline for compliance has been extended from January 1, 2019, to June 30, 2019.

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