State Bank to announce monetary policy on Monday
The State Bank of Pakistan (SBP) will announce Monetary Policy on July 29 in a meeting of the Monetary Policy Committee (MPC).
Editor
Pakistan’s total liquid foreign reserves $14.335 billion
The total liquid foreign reserves of Pakistan stood at US$ 14,335.4 million as of July 19 while the reserves held by the central bank were recorded as $ 9,027.2 million.
Adil Aziz
Mobilink Bank to upgrades treasury operations with collaboration of AutoSoft Dynamics
Pakistan’s leading digital microfinance bank, Mobilink Bank, has brought on board AutoSoft Dynamics, a renowned global provider of core banking and financial application solutions, as a strategic partner to automate their treasury operations.
US, China, and UAE top countries for Pakistani products to exports
The United States (US) remained the top export destination of Pakistani products during the fiscal year 2023-24, followed by China and the United Arab Emirates (UAE).
Stakeholders urged to collaborate for enhancing digital supply chain finance
Top representatives from the banking and fintech sectors along with state regulators gathered to discuss ways and suggest implementable solutions to digital based financing for supply chains for small and medium enterprises and the agriculture sectors at the 5th DigiBAP Summit 2024 on Monday at a local hotel. The summit featured panel discussions and presentations by leading bank presidents and CEOs as well as senior executives on issues such as Financing the Future, Digital SME Lending, Strategies for Digital Supply Chain Financing, and Future of Digital Lending.
Pakistan’s digital transactions in retail payments significantly rises
Digital transactions were 83% of total retail payments for the quarter, processed by Banks and Electronic Money Institutions (EMIs) whereas 17% of transactions were conducted Over-the Counter (OTC) at bank branches. Collectively, Banks and EMIs processed 844 million retail payments amounting to PKR 128,470 billion during the quarter. This included 47% funds transfer transactions, 33% cash withdrawals, 11% POS and e-commerce purchases, 6% bill payments and mobile top-ups, and the remaining transactions comprised deposits, tax payments, invoice-based payments, and donations.
State Bank to closes for two days on the occasion of Ashura
The State Bank of Pakistan will remain closed on July 16th and 17th, 2024 (Tuesday & Wednesday) being public holidays on the occasion of Ashura (9th & 10th Moharram 1446 A.H).
Mehfooz
Workers’ remittances grow by 10.7% to 30.3 billion
The workers’ remittances increased by 10.7 percent during the fiscal year 2023-24 compared to the inflows of fiscal year 2022-23, State Bank of Pakistan reported.
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.
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.