SBP cancels license of an exchange company on breach of law
The State Bank of Pakistan (SBP), cancelled the license of an exchange company on breach of relevant laws and regulations and barred it to undertake any foreign exchange related business activity. The SBP “ on December 09, 2024 has cancelled the authorization/license issued to M/s Al-Hameed International Money Exchange (Private) Limited under the Foreign Exchange…
Adil Aziz
Bank branches to remain open for Collect Hajj Applications on Saturday and Sunday
In order to facilitate the intending pilgrims to deposit Hajj applications along with dues for Hajj 2025, State Bank of Pakistan on the request of Ministry of Religious Affairs & Interfaith Harmony has directed 15 designated banks to keep their concerned branches open from 9:00 a.m. to 2:30 p.m. on Saturday, November 30, 2024 and Sunday, December 1, 2024 throughout the country.
Editor
New SBP Regulations for Profit Sharing on Islamic Banking Savings
The State Bank of Pakistan (SBP), revised the instructions for profit and loss distribution and pool management for Islamic Banking Institutions (IBIs) which now are required to pay profit on their PKR saving deposits equivalent to at least 75 percent of the weighted average gross yield of all pools of an IBI.
Mehfooz
SBP grants license to E-Processing Systems for commercial operations
The SBP has given License to M/s. E-Processing Systems Private Limited (EPSPL) to commence commercial operations as an Electronic Money Institution (EMI). Under the license, the EMI shall offer e-money wallets to consumers, merchants and agents.
RDA Inflows Surge to $8.953 Billion in October 2024
The inflow of remittances under Roshan Digital Account (RDA) has risen to US $8.953 billion by the end of October 2024 as compared to US $8.749 billion by September (2024) end.
Workers’ Remittances surge by 34.7% to $11.8 Billion in four months
The Workers’ remittances increased by 34.7 percent during the first four months of the current fiscal year as compared to the corresponding period of last year, according to the latest statement of State Bank of Pakistan (SBP).
InfraZamin Pakistan seminar advocates Green Bonds for Sustainable Finance
InfraZamin Pakistan, Pakistan’s premier credit enhancement guarantor, in collaboration with the State Bank of Pakistan (SBP), Pakistan Banks’ Association (PBA), and the Private Infrastructure Development Group (PIDG) hosted a seminar titled Enabling Green Financing and Green Bonds via Credit Enhancement Solutions today at a local hotel.
Banks, Financial Institutions, and PSX to Close on November 9 for Iqbal Day
The State Bank of Pakistan (SBP) and all the banking and financial institutions will observe public holiday on November 9, 2024 on the occasion of Allama Iqbal Day.
2.5% Rate Cut in Interest Not Reflective of Inflation’s Downward Trend
President of the Karachi Chamber of Commerce and Industry (KCCI), Muhammad Jawed Bilwani, while commenting on the State Bank’s decision to reduce the interest rate by 2.5 percent, bringing it down to 15 percent, stated that while KCCI had anticipated a more substantial reduction of at least 5 percent, the actual cut of 2.5 percent was inadequate and did not align with the declining trend in inflation, which has now fallen to single digit.
State Bank reduces interest rate to 15% by 2.5 Points
The Monetary Policy Committee (MPC) decided to cut the policy rate by 250 basis points to 15 percent, effective from November 5, 2024. The Committee noted that inflation has declined faster than expected and has reached close to its medium-term target range in October.