Foreign exchange reserves stand at $12.58 Billion
The total liquid foreign reserves held by the country stood at US$ 12,581.7 million as of December 2,2022. According to breakup figures, the foreign reserves held by the State Bank of Pakistan stood at US$ 6,714.9 million whereas the net foreign reserves held by commercial banks were recorded at US$ 5,866.8 million. During the week…
Adil Aziz
Debt repayments on track, foreign reserves to increase in 2nd half: SBP Governor
All debt repayments are on track and country’s foreign exchange reserves are expected to increase in second half of the current fiscal year, said Governor State Bank of Pakistan (SBP), Jameel Ahmad. In the latest episode of the SBP Podcast series, Governor SBP discussed in detail the country’s capacity to meet its international financial obligations…
KSA extends term for a $3 billion deposit in the State Bank of Pakistan through SFD in support of the Pakistani economy
In implementation of the directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud – may Allah protect him; the Saudi Fund for Development (SFD) extended the term for the deposit provided by the Kingdom of Saudi Arabia in the amount of 3 billion dollars to the State Bank of…
SBP strongly rebuts placement of any restriction on LCs for Import of Oil, LNG and Petroleum products
SBP would like to clarify some misinformation being spread in the media that the import of oil and petroleum products has been restricted by it. It is clarified that SBP has not placed any restriction (verbal or otherwise) on opening of Letters of Credit (LCs) or contracts for import of crude oil, LNG and petroleum…
Banking sector showed robust performance, steady resilience during H1CY22, SBP’s Review
State Bank of Pakistan (SBP) Monday issued the Mid-Year Performance Review (MYPR) of the Banking Sector for the year 2022. The review covers the performance and soundness of the banking sector for the period January to June 2022 (H1CY22). It also covers the performance of financial markets and Microfinance banks (MFBs) as well as the…
Monetary Policy Committee decided to raise the policy rate by 100 basis points to 16 percent
At today’s meeting, the Monetary Policy Committee (MPC) decided to raise the policy rate by 100 basis points to 16 percent. This decision reflects the MPC’s view that inflationary pressures have proven to be stronger and more persistent than expected. It is aimed at ensuring that elevated inflation does not become entrenched and that risks…
Current Account Deficit shrinks 46pc to $2.8 billion in Jul-Oct
The current account deficit shrank by 46 percent to US$2.82 billion during four months (Jul-Oct) of current fiscal year as against the deficit of $5.3 billion recorded during same period of last year. Continuous decline in imports helped improve the CAD during first four months of FY23, State Bank of Pakistan (SBP) said on its…
Action on banks to be taken by end month: NA Body
National Assembly Standing Committee on Finance and Revenue was informed that the actions against eight banks involved in overcharging on opening of Letters of Credit (LC) would be taken by the end of current month. While briefing the Committee, Deputy Governor State Bank of Pakistan (SBP), Dr. Inayat Hussain said that in light of inspection…
SBP launches ESRM manual to promote green banking in Pakistan
The State Bank of Pakistan, on Wednesday, launched the Environmental and Social Risk Management (ESRM) Implementation Manual for banks and development finance institutions (DFIs) to promote green banking in the country. The manual was launched by Governor State Bank Jameel Ahmed in the inaugural session of Sustainable Banking Conference, organised here by SBP in collaboration…
SBP, NBP to withdraw petitions against judgment of interest free banking: Dar
Minister for Finance and Revenue Senator Muhammed Ishaq Dar on Wednesday said that State Bank of Pakistan and National Bank of Pakistan would withdraw their petitions from the Supreme Court of Pakistan against the judgment of Federal Shariat Court in which the Court had ordered implementation of interest-free banking system in the country. The minister…