Financial system shows steady performance, soundness in 2023: SBP Review
“The growth in assets was primarily driven by investments in government securities while private sector advances contracted in the backdrop of stressed macro-financial conditions,” the Review noted adding that expansion of the banks’ balance sheet was mainly funded by deposits, which posted a 20-year high growth in a high return environment.
Editor
Fatima Fertilizer and JazzCash Sign MOU to Pioneer Digitalization of Agri-Sector Payments
Fatima Fertilizer, a leading name in Pakistan’s agriculture sector, and JazzCash, Pakistan’s largest digital wallet, have signed a Memorandum of Understanding (MOU) to revolutionize the agri-sector payment ecosystem. This collaboration aims to drive financial inclusion and economic empowerment for farmers, who are predominantly unbanked, enabling them to actively participate in the formal economy.
Raqami Islamic Digital Bank Selects BenchMatrix for the Implementation of RiskNucleus®
Raqami Islamic Digital Bank, one of the most prominent upcoming Islamic digital banks in Pakistan, has selected BenchMatrix’s proprietary solution, RiskNucleus® as its Anti-Money Laundering (AML) transaction monitoring solution. This selection will empower Raqami to leverage innovative technology and advanced automation for a more intelligent approach to financial crime detection.
Adil Aziz
Bank branches opens for collection of Taxes/Duties on 28, 29 and 30 June
To facilitate the taxpayers in payment of Government duties / taxes through Alternate Delivery Channels (ADC’s) and Over-the-Counter facilities, it has been decided that all banks shall observe the following banking hours on 28th, 29th & 30th June, 2024.
Govt to increase tax to GDP ratio to 13%: Muhammad Aurangzaib
The Finance Minister Muhammad Aurangzaib, said that the country has achieved macroeconomic stability and by continuing economic stability this FY, 2024-25, “We will lead the country towards sustainable economic growth.”
SBP aims to double SME financing to Rs.1100 Billion
Deputy Governor State Bank of Pakistan (SBP), Saleemullah has reaffirmed the central bank’s objective to double the financing of Small and Medium Enterprises (SMEs) to Rs.1100 billion over the next five years under the Vision-2028 and urged the banks to embrace SME finance as a core business line to boost MSME growth.
CDC announces further tariff reductions to facilitate Capital Market Investors
The Central Depository Company of Pakistan Limited (CDC) has completely eliminated annual maintenance fee for the sub-account holders, as well as announced a full waiver of the CDS connection fee and minimum fees for Securities Brokers.
PSX’s 100 index to crosses the 76,000 points
The 100-index of the Pakistan Stock Exchange continued with bullish trend, jumping 3,410.73 points, a positive change of 4.69 percent, reaching all time high at 76,208.16 points against 72,797.43 points the previous day.
Mehfooz
Govt to introduce three slabs of rates on filers/non-filers
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb while presenting the federal budget 2024-25, said currently six percent tax is imposed on non-filers and three percent on filers for buying immovable properties.
SBP for adoption of Digital Supply Chain Finance solutions by banks
The State Bank of Pakistan instructed banks to develop and implement digital solutions for supply chain finance within six months to leverage the technology for increasing the SMEs’ access to finance and digitizing retail payments.