Import of Goods-Cases at Port or In Transit
In order to facilitate businesses, State Bank of Pakistan withdrew the requirement of prior approval of imports (falling under HS code Chapters, 84, 85 and certain items under HS code Chapter 87) and instead gave a general guidance to the banks to prioritize import of certain essential items like food, pharmaceutical, energy, etc. The business…
Adil Aziz
Rupee closes at Rs 228.90 against USD
The exchange rate of the Pakistani rupee depreciated by 25 paisa against the US dollar in the interbank trading on Wednesday and closed at Rs 228.90 against the previous day’s closing of Rs 228.65. According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollar in the open market were recorded…
SBP facilitates Entities and Freelancers to enhance export of Software, IT & IT Enabled Services
To facilitate exporters of software, IT & IT Enabled Services, State Bank of Pakistan (SBP) has amended its foreign exchange regulations, advising the banks to mandatorily allow, till March 31, 2023, retention of 35% of their export proceeds in special foreign currency accounts. However, such exporters need to be registered either with Pakistan Software Export…
Government not considering access to commercial banks’ forex: Dar
Minister for Finance and Revenue, Ishaq Dar said that the government was not considering an access to foreign exchange reserves held with the commercial banks which he said were the property of the citizens. “I have already said that Pakistan’s reserves are $10 billion. The figures I quoted were based on the principle that national…
Over 18% surplus witnessed in Pakistan-Bangladesh trade: State Bank
Pakistan’s goods and services trade with Bangladesh witnessed a surplus of 18.64 percent during first five months of current fiscal year (2022-23) as compared to the corresponding period of last year. The trade surplus during the months under review was recorded at $329.668 million against $277.863 million during same months of last year, showing 18.64…
Pakistan’s forex reserves fall by $245 Million due to ‘external debt repayment’
Net foreign reserves held by commercial banks came at $5.84 billion, the central bank The State Bank of Pakistan (SBP) announced that its foreign exchange reserves had decreased by $245 million. During the week ending on December 30, 2022, the total foreign exchange reserves of the Pakistani central bank fell to around $5.57 billion, Xinhua news agency…
Floods push economic growth below budgeted target: Economic Outlook
The economic growth for the fiscal year 2022-23 is likely to remain below the budgeted target due to devastation created by floods. “This combination of low growth, high inflation and low levels of official reserves is particularly challenging for policy makers,” says the Monthly Economic Update and Outlook for December 2022. It says, as in…
Governor SBP urges banks to support agriculture sector to recover from devastation of floods
Governor State Bank of Pakistan (SBP), Mr. Jameel Ahmad, while chairing the annual meeting of Agricultural Credit Advisory Committee (ACAC) in Hyderabad referred to the devastation caused by recent floods and observed that climate change is the biggest long-term threat to the country due to its unforeseen impacts. He added that while the government, businesses…
Pakistan achieved 6% growth for two consecutive years (FY 21-22)
Pakistan’s economy achieved a real GDP growth of around 6 percent, for a second consecutive year in FY 22, says annual report on the country’s State of Economy released by the State Bank of Pakistan, According to the report, the growth was broad-based as both agriculture and industry saw a notable increase that spilled over…
State Bank of Pakistan Designates Domestic Systemically Important Banks (D-SIBs)
The State Bank of Pakistan (SBP) has announced the designation of D-SIBs for the year 2022 under the Framework for Domestic Systemically Important Banks (D-SIBs) that was introduced in April 2018. The framework introduced by the State Bank is consistent with the international standards and practices and takes into account the local dynamics. It specifies…