Aug 13

SBP allows transfer of up to $200,000 as payment for foreign digital services

KARACHI: State Bank of Pakistan (SBP) has allowed banks to release a maximum amount of $200,000 per year as payment for digital services provided by foreign companies. The central bank on Thursday issued a new mechanism for payments to globally recognized digital service provider companies against acquisition of digital services by local companies for ease […]

by Mrs. Anjum Shahnawaz

Record $2.46 billion as remittances received in June

Jul 13

Money & Banking

Record $2.46 billion as remittances received in June

KARACHI: State Bank of Pakistan (SBP) on Monday said that the workers’ remittances rose by a significant 50.7 percent during June 2020 to reach record high $2.46 billion compared with $1.63 billion in June 2019. Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a […]

by Mrs. Anjum Shahnawaz

SBP seeks feedback on automaton of tax refund payment

Jul 2

Taxation

SBP seeks feedback on automaton of tax refund payment

KARACHI: State Bank of Pakistan (SBP) has invited business community to provide feedback on an ongoing project of automation of payment of tax refunds by the central bank. Dr. Reza Baqir, Governor, SBP held the online meeting with the business community today to seek feedback on an ongoing project of automation of payment of tax […]

by Mrs. Anjum Shahnawaz

SBP cuts policy rate to 9pc to dilute coronavirus impact on growth, employment

Apr 16

Money & Banking

SBP cuts policy rate to 9pc to dilute coronavirus impact on growth, employment

KARACHI: State Bank of Pakistan (SBP) on Thursday reduced key policy rate by 200 basis points to nine percent to cushion the impact of coronavirus shock on growth and employment. The SBP reduced the policy rate third time in a month from 13.25 percent to 9 percent. The SBP statement said that in light of […]

by Mrs. Anjum Shahnawaz