Conventional banking being shifted to Islamic mode: State Bank
Additional Director State Bank of Pakistan (SBP). Dr Mohammad Salim has said that under a ruling of the Federal Shariat Court, conventional banking in the country was being shifted into Islamic banking system to get the people rid of interest-based banking.
Editor
Governor SBP meets up with global banks delegation and discusses Pakistan’s economy
Governor State Bank of Pakistan (SBP), Mr. Jameel Ahmad, met key international investors during events organized by global banks, including Barclays, JP Morgan, Standard Bank, and Jefferies on the sidelines of the IMF-World Bank meetings in Marrakech, Morocco. Governor SBP briefed the investors about the recent macroeconomic developments, policy responses to current challenges, and the outlook of Pakistan’s economy, and also answered their questions.
Adil Aziz
Blue and Green color Banknotes of Rs.75 are Legal tender, clarifies SBP
State Bank of Pakistan would like to clarify that under Section 25 of the State Bank of Pakistan Act, 1956, all banknotes including commemorative notes issued by SBP are legal tender everywhere in Pakistan for the amount expressed therein and carry the guarantee of the Federal Government.
State Bank Suspends the Authorization of Exchange Companies of ‘B’ Category
State Bank of Pakistan has suspended, with immediate effect, the authorization of the following Exchange Companies –B Category till further orders due to serious violations of the State Bank’s regulations and instructions: M/s International Exchange Company –B (Pvt) Limited, M/s World Wide Exchange Company –B (Pvt) Limited, M/s World Exchange Company –B (Pvt) Limited, M/s…
Rupee gains 99 Paisa against Dollar
Pakistani Rupee on Wednesday witnessed the 25th consecutive recovery session as it gained 99 Paisa against the US dollar in the Interbank trading and closed at Rs.279.51 against the previous day’s closing of Rs.280.50. However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market…
Pakistan, IsDB explore ways to promote economic cooperation
Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar met Chairman of the Islamic Development Bank (IsDB) Group, Dr. Muhammad Sulaiman Al Jasser in Morocco. According to press statement issued by finance ministry, the meeting aimed to foster productive discussions on economic cooperation and development initiatives. Both sides explored various avenues to strengthen…
Pakistan’s exports to China increase by 5.16% in 2 months
Pakistan’s export of goods and services to China witnessed an increase of 5.16 per cent during the first two months of the current fiscal year (2023-24) as compared to the exports of the corresponding period of last year, State Bank of Pakistan reported. The overall exports to China were recorded at US $350.297 million during…
Pakistan’s banking system sound, deposits perfectly safe: SBP
State Bank of Pakistan, stated that banking system in Pakistan is safe and sound under a robust regulatory and supervisory framework of SBP with a layer of protection through insurance cover and all the deposits were perfectly safe. The banking system in Pakistan is adequately capitalized, highly liquid and profitable and its ability to withstand…
Digital transactions sustained its growth during the fiscal year 2022-23
Annual Payment Systems Review for the fiscal year 2022-23 is released by the State Bank of Pakistan. The review presents growth and trends in banking transactions accompanied by the usage of payment systems’ infrastructure and instruments in the country. Digital transactions continued its growth trajectory owing to the increased consumers’ preference for digital channels of…
KT Bank receives SBP approval to introduce digital banking services in Pakistan
KT Bank, an under formation digital bank has received In-Principle approval from the State Bank of Pakistan in a ceremony recently organized by SBP. The approval was handed over by Mr. Jameel Ahmad, Governor SBP in an elegant ceremony organized at the SBP Museum. Deputy Governor, Dr. Inayat Hussain and Executive Director SBP, Mr. Akhtar…