SBP’s Monetary Policy committee decided to maintain the policy rate at
22 percent
The Monetary Policy Committee (MPC) decided to maintain the policy rate at 22 percent. This decision takes into account the latest inflation out turn reflecting the continuing declining trend in inflation from its peak of 38 percent in May to 27.4 percent in August 2023. Even though global oil prices have risen recently and are…
Adil Aziz
State Bank Holds Unique Art Exhibition to Commemorate 75 years of its inception
An art exhibition titled ‘Resurgence: A Kaleidoscope of Dreams’ was held at the SBP Museum at Karachi on September 13, 2023. The exhibition aimed at celebrating the 75-year journey of SBP and Pakistan’s national development, and provided a platform to talented young artists from across the country to envision a progressive future. In his speech…
Rupee on recovery path; gains Rs 1.78 against US Dollar
Corrective measures taken by the government have started yielding results as the Pakistani Rupee on Monday (Sept 11) gained Rs 1.78 against the US dollar in the Inter bank trading and closed at Rs 301.16 against the previous day’s closing of 302.94. However, according to the Forex Association of Pakistan (FAP), the buying and selling…
SBP Introduces Structural Reforms in the Exchange Companies’ Sector
State Bank of Pakistan has decided to introduce structural reforms in the Exchange Companies’ sector. As part of these reforms, leading banks actively engaged in foreign exchange business will establish wholly owned Exchange Companies to cater to the legitimate foreign exchange needs of general public. Furthermore, various types of existing Exchange Companies and their franchisees…
Monetary Policy Committee to meet on September 14: SBP
The State Bank of Pakistan (SBP) clarified that the next meeting of the Monetary Policy Committee (MPC) was scheduled for September 14, 2023 and reports about holding of emergency meeting were baseless. The central bank in a statement issued here refuted the reports making rounds in the media about holding an emergency meeting of the…
Rupee sheds 78 Paisa against US Dollar
Pakistani rupee on Friday (August 25) witnessed a 78 Paisa devaluation against the US dollar in the Interbank trading and closed at Rs 301 against the previous day’s closing of Rs 300.22. However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at…
SBP issues commemorative coin to mark 75 years of Pak-US diplomatic relations
The State Bank of Pakistan issued a commemorative coin to mark the 75th anniversary of the establishment of diplomatic relations between Pakistan and the United States of America. The Rs 75 coin will be available at the exchange counters of SBP Banking Services Corporation from August 25, 2023. The commemorative coin was issued in a…
US, UK and China top 3 destinations of Pakistani exports
The United States (US) remained the top export destination of Pakistani products during the first month of the current financial year 2023-24, followed by the United Kingdom (UK) and China. Total exports to the US during July 2023 were recorded at US $432.803 million against the exports of US $499.686 million during July 2022, showing…
Sensitization program on remittances for workers going abroad launched
The State Bank of Pakistan (SBP) and the Bureau of Emigration and Overseas Employment (BE&OE) jointly launched the Pre-Departure Briefing Program to sensitize workers going abroad about the process of sending remittances to home and relevant schemes by the government and banks. The program will be organized in all Protectorate of Emigrants (PE) Offices across…
Rupee gains 02 Paisa against US Dollar
Pakistani rupee on Thursday (August 17) gained 02 Paisa against the US dollar in the Interbank trading and closed at Rs 294.91 against the previous day’s closing of Rs 294.93. However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 302…