SBP and IFC join hands to promote Agriculture Finance through Warehouse Receipts
Deputy Governor State Bank of Pakistan (SBP) Ms. Sima Kamil while addressing a two-day specialized training workshop on Electronic Warehouse Receipt Financing (EWRF) for banks observed that the subject training program will be instrumental to support SBP’s recent initiative to promote EWRF in the country and banks will be able to get hands on knowledge…
Adil Aziz
State Bank issues Advisory against Illegal offshore Foreign Exchange Trading Websites, Mobile Applications and Platforms
State Bank of Pakistan (SBP) has noticed that an increasing number of offshore foreign exchange trading websites, mobile applications and platforms such as OctaFX, Easy Forex, etc. are offering their products and services to residents of Pakistan. These digital platforms lure people through social media advertisements to buy/invest in their products or services. Examples of…
CDNS collect Rs 980 Billion fresh bonds by May 15
The Central Directorate of National Savings (CDNS) on Monday realized the target of issuing Rs980 billion fresh bonds in the last 10 months of current fiscal year 2021-22 from July 1st to May 15th. The CDNS had set an annual gross receipt target of Rs 980 billion from July 1 to June 30 of the…
Governor SBP assumes the Charge of Chairman ACU Board in its 50th meeting
Dr. Murtaza Syed, Governor (Acting) State Bank of Pakistan (SBP) assumed the charge of Chairman of the Board of Directors of the Asian Clearing Union (ACU) in the 50th meeting of the ACU Board held in Islamabad on May 13, 2022 in both physical and virtual modes. Established in 1974 with permanent headquarters in Iran,…
Pakistan’s exports to Italy increase 35% to $758 million in 3 quarters
Pakistan’s exports of goods and services to Italy witnessed an increase of 35.58 percent during the first three quarters of fiscal year (2021-22) as compared to the exports of corresponding period of last year. The overall exports to Italy were recorded at $758.795 million during July-March (2021-22) against exports of $559.664 million during July- March…
Dr. Murtaza Syed assumes position of Acting Governor
In light of Section 10(2) of the State Bank of Pakistan (SBP) Act 1956 (amended), Dr. Murtaza Syed, being the senior most Deputy Governor, has assumed the position of Acting Governor SBP, with effect from May 5, 2022. It may be mentioned here that the term of Dr. Reza Baqir (former Governor SBP) ended on…
International developments, inflation impacting economic activities: Outlook
Among the determining factors of current trends in both international and domestic inflation are supply chain issues and surging international commodity prices Although the economic recovery is underway, the international developments and persistent high domestic inflation might impact domestic economic activities, says Monthly Economic Update and Outlook, April 2022 released here on Friday. “The domestic…
No fresh borrowings from SBP, clarifies finance ministry
The Ministry of Finance here on Thursday clarified that there had been no fresh borrowings by the government from the State Bank of Pakistan (SBP). “In fact the government has been retiring its previous stock of debt with the SBP on its maturity,” the ministry said in a statement while responding to news circulating on…
State Bank of Pakistan Receives Overwhelming Response for Digital Bank Licenses
State Bank of Pakistan (SBP) has concluded the process of receiving applications for digital banks licenses as per its announced deadline of March 31, 2022. The application process registered an overwhelming response whereby SBP received twenty (20) applications from a diverse range of applicants, including domestic commercial banks, microfinance banks, electronic money institutions and FinTech…
USA, China, UK remain top 3 destinations of Pakistani exports during 8 months
Pakistan exported product worth $7.724 billion to these countries during the first eight months of the current fiscal year, State Bank of Pakistan (SBP) reported The United States remained the top export destinations of Pakistani products during the first eight months of financial year (2021-22), followed by China and United Kingdom (UK). Total exports to…