Digital retail payments rise to 84% in FY-24, Governor SBP
Governor State Bank of Pakistan, Jameel Ahmad, stated that the share of digital payments in total retail payments by volume has risen from 76% in FY23 to 84% in FY24 while the overall number of digital retail transactions has increased by 30%.
Mehfooz
Deposit Protection Corporation doubles the Deposit Guarantee to PKR.1 million
The Deposit Protection Corporation (DPC), increased the guarantee amount for all eligible depositors of its member banks from Rs.500,000 to Rs.1,000,000 with effect from October 01, 2024.
Adil Aziz
SBP extends the date for imports of cash US dollar till June 30, 2025
The State Bank of Pakistan (SBP) has extended the deadline of import of cash US Dollars by exchange companies for their export consignments till June 30, 2025, in order to ensure adequate supply of cash USD in open market.
Banking sector grows 11.5% in H1CY24 with satisfactory performance, resilience: SBP
The State Bank of Pakistan (SBP), stated that performance and resilience of the banking sector for the period January to June 2024 remained satisfactory with a growth of 11.5 percent in collective balance sheet.
2 percent cut in interest rate not in line with declining trend in inflation
Acting President Karachi Chamber of Commerce & Industry (KCCI) Altaf A. Ghaffar, while commenting State Bank’s decision to reduce the interest rate by 2 percent to 17.5 percent, stated that although KCCI was expecting substantial reduction in interest rate by at least 5 percent but it has been reduced by 2 percent only which neither enough nor in line with the declining trend in inflation which has come down to single digit.
SBP cut to interest rate 200 bps to at 17.50pc
Monetary Policy Committee (MPC) decided to cut the policy rate by 200 bps to 17.5 percent, effective from September 13, 2024. Both headline and core inflation fell sharply over the past two months. The pace of this disinflation has some what exceeded the Committee’s earlier expectations, mainly due to the delay in the implementation of planned increases in administered energy prices and favorable movement in global oil and food prices.
KCCI wants substantial reduction of 500 basis point in policy rate
Chairman Businessmen Group Zubair Motiwala and President Karachi Chamber of Commerce & Industry (KCCI)Iftikhar Ahmed Sheikh have advised the State Bank of Pakistan (SBP) to announce a substantial reduction in interest rate by at least 500 basis points to bring the existing interest rate down to 14.5 percent from the existing 19.5 percent in the next monetary policy statement as the inflation continues to descend to reach 9.6 percent in August whereas the Moody’s recently upgraded local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3.
RDA inflows rise to $8.416 billion in July 2024
The inflow of remittances under Roshan Digital Account (RDA) has risen to US $8.416 billion by the end of July 2024 as compared to US $8.255 billion by June (2024) end, according to the latest data released by the State Bank of Pakistan.
Editor
Pakistan’s remittances hit $3 billion
Inflow of overseas workers’ remittances clocked in at nearly $3 billion in July, a massive 48 percent higher on a year-on-year basis when compared with $2.03 billion in the same month of the previous year, according to the statement by the State Bank of Pakistan.
SBP will closed on 14 August on the occasion of Independence Day
The State Bank of Pakistan will remain closed on Wednesday, August 14, 2024 being public holiday on the occasion of ‘Independence Day’ as declared by the Government of Pakistan.