In a significant move, the State Bank of Pakistan (SBP) has decided to introduce the designs of all currency notes currently in circulation. This decision comes as part of the SBP’s ongoing efforts to enhance the security features of currency notes, promote visual aesthetics, and incorporate advanced printing technologies to stay ahead of counterfeit threats….
As the upcoming Monetary Policy Committee (MPC) meeting draws near, financial experts express their expectations of a maintained stability in the policy rate. The consensus among analysts suggests that the State Bank of Pakistan (SBP) is likely to keep the policy rate unchanged in its ongoing efforts to balance economic growth and inflation control. The…
In a noteworthy development for Pakistan’s economic landscape, the State Bank of Pakistan (SBP) witnesses a substantial increase in reserves, amounting to $243 million. This surge in reserves is attributed to the recent disbursement of a tranche from the International Monetary Fund (IMF), marking a positive stride in the country’s financial stability. The injection of…
Govt raises Rs 185 Billion, in a significant financial maneuver, through the issuance of Treasury Bills (T-Bills), marking a substantial infusion of funds into the national exchequer. This strategic move aligns with the government’s ongoing efforts to manage fiscal liquidity and meet financial obligations effectively. The T-Bill auction, which served as the vehicle for this…
In a groundbreaking announcement, the State Bank of Pakistan (SBP) has revealed its upcoming launch of an advanced foreign exchange trading platform, a move set to redefine the landscape of financial transactions within the country. This introduction signifies a significant stride toward modernizing financial systems and fostering innovation in the foreign exchange trading domain. The…
In a noteworthy directive, the State Bank of Pakistan (SBP) has called upon banks to adopt Shariah standards and practices formulated by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). This strategic move underscores the SBP’s commitment to enhancing the Islamic banking sector’s adherence to globally recognized Shariah principles and fostering consistency in…
In a groundbreaking move, Raqami Islamic Digital Bank (RIDB) and Euronet Pakistan Pvt. Ltd. have entered into an exclusive agreement aimed at promoting digital payments in Pakistan. The journey began in January 2023 when RIDB secured a no objection certificate (“NOC”) from the State Bank of Pakistan (SBP) to establish the country’s first Islamic digital…
The State Bank of Pakistan (SBP) has reported a robust performance of the Roshan Digital Accounts (RDAs), indicating a significant foreign exchange inflow of $7.195 billion by the end of December 2023. According to the SBP data, a comprehensive overview of the RDAs revealed that $1.538 billion had been repatriated, while $4.442 billion was utilized…
In a move aimed at fostering seamless communication and engagement, the State Bank of Pakistan (SBP) has officially launched its dedicated WhatsApp channel. This strategic initiative is designed to provide stakeholders, including individuals and businesses, with a direct and efficient channel for interacting with the central bank. The launch of the SBP’s official WhatsApp channel…
To enhance customer satisfaction and streamline grievance redressal processes, the State Bank of Pakistan (SBP) has reintroduced its dedicated portal, Sunwai, to promptly address issues and complaints from bank customers. The bilingual portal, designed to facilitate ease of use for the general public, enables individuals to file complaints against Banks, Microfinance Banks (MFBs), and Development…
