SBP signs MoU with Zameen.com to utilize on real Estate sector
State Bank of Pakistan (SBP) has signed a memorandum of understanding (MoU) with Zameen.com according to which the latter will provide data on the prices and rental costs of residential and commercial properties in the country’s metropolitan areas. This data will subsequently be used by SBP to analyze house prices, develop related indices and use…
Adil Aziz
Trade between Pakistan and US witnessed growth 23.21 percent first month of year 2022-23
Pakistan’s goods and services trade with the United States (US) witnessed a surplus of 23.21 percent during first month of current financial year (2022-23) as compared to the corresponding period of last fiscal year. The trade surplus during the period under review was recorded at $335.091 million against $271.952 million last year, showing 23.21 percent…
Complaints against banks for not accepting Donations for Floods are misleading
It has been noticed that a few complaints have been circulating on social media platforms regarding non-acceptance of donations from general public in “CM Flood Relief Fund” of KP and Punjab. In this context, upon enquiry of SBP, concerned banks have informed that such complaints are baseless as they are accepting donations in the “CM…
SBP sets agriculture credit disbursement target of Rs1.8 trillion for FY23
State Bank of Pakistan (SBP) has assigned annual agriculture credit disbursement target of Rs1,800 billion to the financial institutions for FY23 to cater to the agriculture credit demand in the country. Moreover, in line with the national food security requirements and need for mechanization of farms to enhance agriculture productivity, specific targets of Rs140 billion…
Current Account Deficit shrinks to $1.2 billion in July
The current account deficit shrank to $1.2bn in July from $2.2bn in June, largely reflecting a sharp decline in energy imports & a continued moderation in other imports, a data released by State Bank of Pakistan (SBP) said on Wednesday. “The narrower deficit is the result of wide-ranging measures taken in recent months to moderate…
President appoints Jameel Ahmed as Governor State Bank
President Dr. Arif Alvi has approved the appointment of Jameel Ahmed as Governor State Bank of Pakistan, the President House said Friday The President gave the approval on the advice of the prime minister under Article 48(1) of the Constitution and in line with Section 11-A (1) of the State Bank of Pakistan Act.
SBP management visits OICCI for interactive session with members
The Overseas Investment Chamber of Commerce and Industry (OICCI) members met with Dr. Murtaza Syed, Acting Governor, State Bank of Pakistan (SBP), Dr. Inayat Hussain, Deputy Governor, SBP and Sima Kamil, Deputy Governor, SBP for a discussion on urgent fiscal and monetary policy measures to help stabilize economy. Ghias Khan, President OICCI and Abdul Aleem,…
Workers’ remittances rise to a record-high in FY22
The overseas Pakistani workers’ remittances grew by 6.1 percent in fiscal year (Jul-Jun) 2021-22 to US$31.2 billion against the inflows of $29.45 billion in same period of the preceding year. On year-on-year basis, the remittances increased by 1.7% from $2.71 billion in June 2021 to $2.76 billion in same period of the fiscal year 2021-22….
SBP extends Online Portal to EMIs, PSOs and PSPs
In order to promote digitalization and encourage eco-friendly practices, the State Bank of Pakistan (SBP) has developed online portal called SBP Regulatory Approval System (RAS) to enable regulated entities(i.e. banks, Electronic Money Institutions, Payment System Operators, Payment Service Providers etc.) to submit cases/proposals and receive regulatory decisions digitally. Previously, SBP implemented RAS for its various…
SBP adopts further four AAOIFI shariah standards for Islamic banking industry
After a comprehensive process of evaluation and deliberations with the internal and external stakeholders, the State Bank of Pakistan (SBP) today, has adopted four more AAOIFI Shariah standards on Salam and Parallel Salam, Istisna’a and Parallel Istisna’a, Combination of Contracts and Irrigation Partnership (Musaqat), with certain clarifications and amendments, a press release said on Monday….