With immediate effect, the State Bank of Pakistan (SBP) has stated that five working days will be observed after the Holy Month of Ramadan. According to a press release, SBP will operate from 9 a.m. to 5:30 p.m. Monday through Thursday, with a prayer/lunch break from 1:30 p.m. to 2:15Continue Reading
Dr. Murtaza Syed, the senior most Deputy Governor of the State Bank of Pakistan (SBP), was appointed interim Governor of the SBP on Friday. He has more than 20 years of experience in macroeconomic study and policymaking, according to details. Dr. Murtaza Syed also spent 16 years at the InternationalContinue Reading
KARACHI: The foreign exchange reserves of the State Bank of Pakistan (SBP) declined by $328 million to $10.558 billion in the week ending April 23, according to figures issued by the central bank on Thursday. As of April 23, the country’s total foreign reserves, including net reserves held by commercialContinue Reading
MULTAN — Governor of the State Bank of Pakistan (SBP), Dr. Reza Baqir, has stated that the Asaan Credit Scheme (I-SAAF) will be a game changer in improving access to finance for SMEs by addressing the long-standing concern of a shortage of collateral. Dr. Reza Baqir spoke at length aboutContinue Reading
KARACHI — On Monday, Saudi Funds granted a $3 billion loan to the State Bank of Pakistan (SBP). According to the terms, the sum of the agreement would be deposited in the State Bank of Pakistan’s income. On the other hand, Minister of Finance Shauqat Tarin met with Prime MinisterContinue Reading
The federal cabinet has accepted a deal to hold $3 billion in Saudi Arabian funding in Pakistan’s State Bank. The transaction was approved by the Cabinet via a dissemination summary on Saturday. The Saudi government agreed to keep a $3 billion reserve at the State Bank. The help will beContinue Reading
LAHORE, Pakistan – In interbank trading on Thursday, the US Dollar (USD) was valued at Rs174.98 versus the Pakistani Rupee (PKR). The value of the dollar has dropped by 6 paisa in the interbank market, according to data. The dollar had previously ended at Rs175.04 in the interbank market.Continue Reading
KARACHI, Pakistan — In an effort to limit runaway inflation, the State Bank of Pakistan (SBP) raised its benchmark policy rate by 150 basis points to 8.75 percent on Friday. The Monetary Policy Committee (MPC) voted to raise the policy rate by 150 basis points to 8.75 percent at itsContinue Reading
ISLAMABAD – On Tuesday, the Saudi Fund for Development announced a “generous instruction” to deposit US $3 billion with the State Bank of Pakistan to help the government maintain its foreign currency reserves and deal with the effects of the Corona outbreak. The deposit of US 3 billion dollars wasContinue Reading
KARACHI: The State Bank of Pakistan (SBP) has received $2.75 billion in Special Drawing Rights (SDRs) from the International Monetary Fund (IMF), bringing the central bank’s foreign exchange holdings to an all-time high of $20.14 billion. The central bank’s foreign currency reserves on August 27 were $20,145.6 million, according toContinue Reading
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