High cost of doing business disastrous for economy: APBF
All Pakistan Business Forum said in a statement that the high cost of doing business has proved to be dangerous for Pakistan’s economy, discouraging investment both in capacity and capability, calling for lessening the burden of heavy taxes on energy sector. APBF President Syed Maaz Mahmood said that the industry has been overburdened due to…
Adil Aziz
SBP to provide interest-free loans to unemployed women
The State Bank of Pakistan is making it possible to provide unemployed women interest-free loans for starting large scale businesses in order to ensure their economic stability. This was stated by State Bank of Pakistan Deputy Chief Manager in Dera Ismail Khan Fazal Muqeem while addressing a one-day seminar titled ‘Women bank ability and banking…
Finance Minister suggests listing of govt debt securities at PSX
Dr. Shamshad Akhtar, the Federal Minister for Finance and Revenue said that the securities market can play a vital role in the development of debt market through the listing of Government debt securities on Pakistan Stock Exchange. Speaking at the inauguration ceremony of the Centralized Gateway Portal, Dr Akhtar said that the issuance securities through…
SBP launches ‘Diamond’ category of Sohni Dharti Remittance Program
In a bid to further encourage remittances through formal channels, the State Bank of Pakistan, launched a new ‘Diamond’ category of the Sohni Dharti Remittance Program (SDRP) that offers enhanced points and additional benefits to remitters. The category will be effective from September 22, 2023, in addition to existing three- Green, Gold and Platinum- categories…
Recovery continues unabated: Rupee gains Rs 1.01 against US Dollar
Pakistani Rupee witnessed the 14th consecutive recovery session as it gained Rs 1.01 against the US dollar in the Interbank trading and closed at Rs 291.76 against the previous day’s closing of Rs 292.77. However, according to the Forex Association of Pakistan, the buying and selling rates of the dollar in the open market stood…
Pakistan’s total liquid foreign reserves reach $13.186 Billion
The total liquid foreign reserves of Pakistan reach US$ 13,186.6 million while reserves held by the central bank stood at $ 7,695.3 million. The State Bank of Pakistan, in a statement issued, informed that SBP’s reserves increased by $ 56 million to $ 7,695.3 million during the week ended on September 15, 2023. Meanwhile, net…
Rupee gains Rs 1.11 against US Dollar
Pakistani Rupee witnessed 13th consecutive recovery session as it gained Rs 1.11 against the US dollar in the Interbank trading and closed at Rs 292.77 against the previous day’s closing of Rs 293.88. However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood…
SBP awards IPA for establishing 5 digital retail banks
The State Bank of Pakistan (SBP), in a bid to foster innovation, financial inclusion and availability of affordable digital financial services, granted in-principle approval (IPA) for establishing five digital retail banks. Governor SBP, Jameel Ahmad awarded IPAs to the five proposed digital banks- HugoBank Limited, KT Bank Pakistan Limited, Mashreq Bank Pakistan Limited, Raqami Islamic…
Banking sector shown steady performance, resilience during H1CY23: SBP Review
Pakistan’s Banking sector showed steady performance and resilience during the first half of 2023 despite challenging macro-economic environment as the banking sector managed to expand its asset base by 14 % while asset quality, profitability and solvency also registered positive growth. It was stated in Mid-Year Performance Review of the Banking Sector for 2023- issued…
Pakistan’s total liquid foreign reserves reach near $ 13.1 billion
The total liquid foreign reserves of Pakistan reach US$ 13,079.1 million while reserves held by the central bank stood at $ 7,638.9 million. The State Bank of Pakistan, in a statement issued, informed that SBP’s reserves decreased by $ 140 million to US$ 7,638.9 million on account of debt repayments during the week ended on…