Workers’ remittances record $2.5 Billion
The overseas workers’ remittances recorded an inflow of US$2.5 billion during October 2023, the State Bank of Pakistan reported. During the month under review, remittances increased by 11.5 per cent on month on month basis and 9.06 per cent on year on year basis.
Adil Aziz
State Bank declared public holiday on 09 November
The State Bank of Pakistan announced public holiday on November on the occasion of Iqbal Day.
Pakistan exports to China rise by 26.42% in Q1 of FY 23-24
Pakistan’s export of goods and services to China witnessed an increase of 26.42 per cent during the first three months of the current fiscal year 23-24.
Pakistan’s economic growth gain momentum: Economic Outlook Report
The economic indicators of first quarter of the current fiscal year (2023-24) show Pakistan’s economy had set the growth momentum and was yielding positive results owing to government’s stabilization measures, according to the finance ministry.
Pakistan export’s to US, UK decline, and surge of China
The United States remained the top export destination of Pakistani products during the first three months of the current financial year 2023-24, followed by China and the United Kingdom (UK).
State Bank decided to maintain the policy rate at 22%
Monetary Policy Committee decided to maintain the policy rate at 22 Percent. The Committee noted that headline inflation rose in September 2023 as expected. However, it is projected to decline in October and then maintain a downward trajectory, especially in the second half of the fiscal year.
State Bank to announce Monetary Policy today
The State Bank of Pakistan will announce a new monetary policy for the next two months on Monday (Oct 30). According to the SBP sources, the Monetary Policy Committee (MPC) would convene in Karachi to assess economic statistics before deciding whether to raise or lower interest rates.
SBP imposes penalty of over Rs.83 Million on 4 banks
State Bank of Pakistan imposed fines of over Rs.83.157 million on four commercial banks during July- September 2023 on the charges of violation of regulatory instructions pertaining to foreign exchange, general banking operations and customers’ due diligence.
SBP forecast GDP growth FY 23-24 around 2 to 3 Percent
he State Bank of Pakistan said that Pakistan’s economic situation started to show some early signs of improvement and real GDP growth is expected to remain in the range of 2-3% while inflation may subside to 20 to 22% in FY24.
Editor
SBP introduces new measures to facilitate IT Exporters and Freelancers
To facilitate the IT exporters to boost the exports of IT and IT enabled services, SBP has increased the permissible retention limit of IT exporters from 35% to 50% of their export proceeds in the Exporters’ Specialized Foreign Currency Accounts (ESFCAs).