SBP – workers remittances rise to a record-high in FY22

In June, remittances rose to $2.76 billion, increasing by 18.4 percent on m/m basis and 1.7 percent on y/y basis.

In June, remittances were mainly sourced from Saudi Arabia ($666 million), United Arab Emirates ($495 million), United Kingdom ($455 million) and United States of America ($285 million).… Continue


SBP’s reserves decreased by US$ 99 million

The total liquid foreign reserves held by the country stood at US$ 15,610.5 million as of 07-Jul-2022. The break-up of the foreign reserves position is as under:-

Foreign reserves held by the State Bank of Pakistan: US$ 9,717.5 million

Net foreign reserves held by commercial banks    : US$ 5,893.0 million

Total liquid foreign reserves                 : US$ 15,610.5 million

During the week ended on 07-Jul-2022, SBP’s reserves decreased by US$ 99 million to US$ 9,717.5 million due to external debt payments.… Continue


Standard Chartered conducts roadshow for NRPs in UAE

 Standard Chartered Bank conducted a roadshow for Non-Resident Pakistanis based in the UAE. This event was brought forth with the support of the State Bank of Pakistan (SBP). The Standard Chartered network is a key enabler and gives the Bank a unique advantage to information, ability to create synergies and unlock potential through seamlessly delivering best products to its client base, while keeping them abreast of the latest developments.… Continue


Khushhali Microfinance Bank has provided House-Loans worth Rs.10.9 Billion

Khushhali Microfinance Bank Limited (KMBL) is a winner of Pakistan’s ‘Best Microfinance Bank Award’, with a vision for sustainable development, through professional excellence. In 2018, it pioneered the ‘Khushhali Home Plus loans facility, offering up to 01 Million Rupees for the low-income individuals, who need affordable housing finance for the renovation and improvement of existing houses.… Continue


Policy rate raised by another 125bps to 15.0%; highest since 1999

In the monetary policy meeting held today (7th Jul’22), the State Bank of Pakistan (SBP) has increased the benchmark policy rate by 125bps to 15% (highest since March 1999). Moreover, rates on EFS and LTFF loans have been linked to the policy rate, in-line with our expectations, at a 500bps discount though (to 10%), so as to continue incentivizing exports while ensuring monetary tightening penetrates effectively.… Continue


NITL declares dividends for the year ended June 30 2022

National Investment Trust Limited (NITL), has declared its annual results for its funds under management for the year ended 30th June 2022. NITL has distributed total dividend of over Rs. 4.77 Billion for the year FY22 representing an impressive 73% growth over previous year.… Continue


Mastercard partners with Bank Alfalah to accelerate E-commerce across Pakistan

Mastercard has announced a strategic partnership with Bank Alfalah, which will see the bank’s online payment gateway infrastructure accept a wider array of cards, including the ability to make China Union Pay online payments in the market for the first time.… Continue


Policy Rate likely to increase by 100bps on July 07

The monetary policy committee of SBP will convene on Thursday (July 07, 2022) to announce the first scheduled monetary policy of FY23. We expect SBP to increase the policy rate by 100bps to 14.75% in the upcoming monetary policy.

To recall, in the monetary policy meeting held in May’22, the State Bank of Pakistan (SBP) increased the benchmark policy rate by 150bps to 13.75% (highest since Jun’11 – 14%).… Continue


Easypaisa and Bank of Khyber partner for KPK’s Insaf Food Programme

Easypaisa, Pakistan’s leading digital payments app, has partnered with the Bank of Khyber to ensure seamless distribution of funds to beneficiaries in KPK under the Insaf Food Programme.

Through the strategic partnership, beneficiaries of the programme will be able to receive PKR 2100 every month in their Easypaisa mobile wallet or collect cash from any Easypaisa agent to meet their essential food related needs.… Continue


Silkbank and TPL Insurance – Launch of all in one current account

As part of providing tailored solutions and unique value added features for our customers, Silkbank has launched All-in-One Current Account offering complimentary insurance coverages in collaboration with TPL Insurance as an insurance solution provider.

To mark the occasion, an MoU signing ceremony was held at the Silkbank Head Office, Karachi on 29th June 2022.… Continue


BankIslami proudly sponsors Bahria’s BSPC Talks ‘Voice of Youth’

BankIslami, Pakistan’s leading Islamic financial institution, served as the title sponsor for Bahria Society of Professional Communication (BSPC) Talks, a platform where captivating stories and ideas are exchanged that have the potential to transform the listeners’ lives. BSPC is a student-run society at Bahria University that focuses on the development of communication skills among its members by organizing various workshops and seminars.… Continue


Pak-Qatar General Takaful signs MoU with Auto One Motors.

Pak-Qatar General Takaful signed MoU with Auto One – The largest Automotive marketplace for car buyers and sellers in Pakistan. They deal with numerous certified second-hand and used, cars from large numbers of dealers and private sellers.

After a signing ceremony was held in Karachi.… Continue


KCCI seeks early implementation of Interest-Free Banking

Chairman Businessmen Group in the KCCI, Zubair Motiwala, and KCCI President, Muhammad Idrees have extended gratitude to Prime Minister Shahbaz Sharif for taking interest in the implementation of the Federal Shariah Court’s decision of introducing Riba Free banking in Pakistan. They have requested the government to introduce interest free banking in Pakistan according to the Islamic Principles and implement the court’s decision in true letter and spirit. … Continue


Mobilink Microfinance Bank to offer Adamjee Life Assurance products to customers across its nationwide branch network

Mobilink Microfinance Bank (MMBL), Pakistan’s Largest Digital Bank has signed a Term Life Insurance Memorandum of Understanding (MoU) with the country’s leading insurance service provider, Adamjee Life Assurance. This strategic partnership is designed to promote enhanced access to premium insurance products from Adamjee’s portfolio for customers in unserved and underserved regions through MMBL’s vast nationwide branch network.… Continue


Meezan Bank expands its ATM Network to 1,000

Meezan Bank, Pakistan’s leading Islamic bank, has installed its 1,000th Automated Teller Machine (ATM). This landmark cash dispensing terminal has been installed at Chashma in District Mianwali. Since its inception, the bank has expanded its ATMs across Pakistan’s rural and semi-urban regions, providing round-the-clock access to cash and furthering basic banking and financial inclusion for the masses.… Continue


SBP’s reserves increased by US$ 2,071 million

The total liquid foreign reserves held by the country stood at US$ 16,195.6 million as of 24-Jun-2022. The break-up of the foreign reserves position is as under:-

Foreign reserves held by the State Bank of Pakistan: US$ 10,309.0 million

Net foreign reserves held by commercial banks    : US$ 5,886.6 million

Total liquid foreign reserves                 : US$ 16,195.6 million

During the week ended on 24-Jun-2022, SBP received proceeds of CDB loan amounting to RMB 15 billion.… Continue


Hysab Kytab signed a strategic partnership with Winikon

Hysab Kytab – a leading FinTech that offers a suite of financial management solutions- has signed a strategic partnership with Winikon – an IT services company specialized in the banking business to enhance customers’ banking experience. This collaboration will help provide individual-level personalized financial management products and services to banking customers.… Continue


Pakistan Banks: Higher taxation but not as bad as initially feared

As per the amendments made to the Budget announced on June 10th, the recurring tax rate for Banks appears to be 43% instead of the 47% being determined earlier. In our Budget note on June 10th, we had estimated a 10-13% decline in recurring EPS estimates and a commensurate decline in target prices.… Continue


National Bank of Pakistan moves toward energy conservation

National Bank of Pakistan (NBP), the largest public sector commercial bank, has taken measures to reduce power and energy consumption across its network in the country. The initiative will support Government of Pakistan’s drive towards energy and fuel conservation.

NBP staff (other than the branches & critical staff) have been advised to observe ‘Work From Home (WFH)’ and operate remotely on Wednesday and Friday (for Head Office staff) and Tuesday and Thursday (for Regional Office staff).… Continue


SBP launches farmers’ Financial Literacy & Awareness Promotion

State Bank of Pakistan (SBP) has launched a series of videos in national and regional languages about agriculture financing products and procedures to create awareness among the farming communities across the country, especially in the underserved areas. These videos will be disseminated through social media and digital platforms of SBP and all agriculture lending banks.… Continue


The Paymob and NIFT sign agreement to securely enable digital payments in Pakistan

The Paymob, the leading omni-channel financial services platform in the MENAP region, signed an agreement with National Institutional Facilitation Technologies (NIFT) to facilitate digital payments in Pakistan and to secure payment transfers. Under the agreement, Paymob will enable digital payments for their merchants using the NIFT ePay payment platform which supports account, wallet, and card-based payments.… Continue


Standard Chartered goes live with RiskNucleus® GRC Solution

BenchMatrix has successfully facilitated Standard Chartered Bank Pakistan (SCBPL) in the installation and implementation of its RiskNucleus® GRC, with the goal to digitize the Bank’s compliance risk management processes.

The implementation of this comprehensive solution will assist Standard Chartered in holistically managing compliance processes and ensure regulatory compliance.… Continue


JazzCash and Bank of Khyber enter strategic partnership for KPK’s Insaaf Food Programme

Pakistan’s leading fintech JazzCash, in collaboration with Bank of Khyber (BoK), is strengthening the country’s digital payments ecosystem. JazzCash users living in Khyber Pakhtunkhwa (KPK) will now be able to receive PKR 2,100 for the government’s Insaaf Food Programme through the JazzCash retail network and existing JazzCash customers will receive funds in their JazzCash mobile wallets.… Continue


Khushhali Microfinance Bank’s skills development program for women in Mirpurkhas

Khushhali Microfinance Bank Limited is one of the leading financial institutions in Pakistan, with a vision to accelerate socio-economic development, by promoting financial inclusion of the vast unbanked segment in Pakistan. Recently, Khushhali Microfinance Bank partnered with the ‘Sindh Graduates Association’ (SGA) to launch a skills-development program for women in Mirpurkhas Sindh, to create more livelihood opportunities for this impoverished segment.… Continue


SBP seeks Supreme Court guidance on Riba

SBP welcomes the Federal Shariat Court’s Judgement of April 28, 2022 on Riba case, as has already been done by the Honorable Finance Minister. In particular, we appreciate the substantive part of the decision. 

As the prime custodian and regulator of the financial and monetary framework of the Islamic Republic of Pakistan, SBP is deeply committed to ensuring compliance with the injunctions of Islam, in particular those pertaining to riba, while protecting the stability and security of the financial sector of the country that functions as part of the global financial system. … Continue