SBP signs MOU with PBoC on establishing RMB clearing arrangements
State Bank of Pakistan (SBP) and Peoples Bank of China (PBoC) have signed an MOU on establishing RMB (Chinese currency) clearing arrangements in Pakistan. The MOU was signed by Governor SBP Mr. Jameel Ahmad and Governor PBoC Mr. Yi Gang. The establishment of the RMB clearing arrangement in Pakistan will further boost usage of RMB…
Adil Aziz
The Last Date for Encashment of Withdrawn Prize Bonds Extended
The Federal Government has given another opportunity to the public to get the withdrawn prize bonds of Rs.7500, 15,000, 25,000 and Rs. 40,000 redeemed/encashed by June 30, 2023. Earlier, the government had fixed deadline of June 30, 2022, for redemption/encashment of these prize bonds, however, considering that some of the prize bond holders could not…
Finance ministry contests rating action by Moody’s
The Finance Ministry strongly contested the Moody’s rating action, which it said was carried out unilaterally without prior consultations and meetings with its teams and State Bank of Pakistan. Moody’s has released the revised rating for Pakistan in which it has downgraded the sovereign credit rating from B3 to Caa1. “The rating action by Moody’s is…
SBP directed to take action against manipulators of exchange rate volatility
The National Assembly Standing Committee on Finance and Revenue on Tuesday directed the State Bank of Pakistan to take appropriate action against all the banks and exchange companies involved in manipulating volatility of the exchange rate. The State Bank has also been asked to take appropriate action against elements involved in exchange rate manipulation so…
Fiscal, monetary policy direction imperative for sustainable economic growth: Dar
Federal Minister for Finance and Revenue, Senator Muhammad Ishaq Dar on Saturday stressed that fiscal and monetary policy coordination is imperative for sustainable and effective economic growth. Finance Minister Ishaq Dar shared about fiscal measures being undertaken for economic revival of the country. The governor State Bank of Pakistan (SBP) Jameel Ahmad called on Federal…
International inflation, floods minimize economic outlook for FY 2023
In the backdrop of international price-hike and recent exceptional floods, the economic outlook for Pakistan in the current fiscal year (2022-23) is likely to remain below the target, says ‘Economic Update and Outlook for September 2022’ released by finance ministry. “The economic outlook for Pakistan in the current fiscal year has become uncertain and will…
SBP issues Commemorative Banknote to mark 75 years of Pakistan’s Independence
The State Bank of Pakistan (SBP) has issued a commemorative banknote of Rs75 on the occasion of 75th anniversary of Pakistan’s independence. The design of this commemorative banknote was unveiled on August 14, 2022, during a ceremony at SBP headquarters, Karachi. The commemorative banknote will be available for the general public from SBP BSC offices…
Current Account Deficit falls to $0.7 billion in August
The current account deficit shrank to $0.7 billion in August compared to $1.2 billion in July 2022, largely reflecting a continued moderation in overall imports. Cumulatively, in Jul-Aug of current fiscal year (FY 23), Current Account Deficit (CAD) declined by $0.5 billion to $1.9 billion compared to the same period last year mainly due to…
Workers’ remittances up by 7.9% to $2.7 Billion in August
The overseas workers’ remittances recorded an inflow of US$2.7 billion during August 2022, posting an increase of 7.9% when compared to the previous month’s inflow of $2.53 billion. On year-on-year basis, the remittances also witnessed an increase of 1.5% when compared to the inflow of $2.68 billion recorded in August 2021. On average, the remittances…
RDA inflows reach $5 billion mark in 24 months
Inflow of remittances under Roshan Digital Account (RDA) rose to US $4.981 billion by the end of August 2022 as compared to US $4.794 billion till end of July. The data showed that the inflows of remittances during the month of August were recorded at $187 million as compared to $188 million in July and…