SBP unveils Easy Data, in a move aimed at supporting economic research and enhancing transparency

Efficient, timely and reliable data dissemination is a core undertaking of central banks across the world. Open data availability supports informed decision-making by households, firms, governments, academics, and other stakeholders, including financial market participants. Like other central banks, the SBP has been providing economic and financial data to all stakeholders.… Continue

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SBP reserves decreased by US$ 366 million

The total liquid foreign reserves held by the country stood at US$ 15,771.4 million as of 27-May-2022. The break-up of the foreign reserves position is as under:-

  • Foreign reserves held by the State Bank of Pakistan: US$ 9,722.9 million
  • Net foreign reserves held by commercial banks    : US$ 6,048.5 million
  • Total liquid foreign reserves                 : US$ 15,771.4 million

During the week ended on 27-May-2022, SBP reserves decreased by US$ 366 million to US$ 9,722.9 million due to external debt repayment.… Continue

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SMEDA CEO Hashim Raza and Deputy Governor SBP Sima Kamil discuss SME financing

Mr Hashim Raza, Chief Executive Officer (CEO) of the Small and Medium Enterprises Development Authority (SMEDA), in a meeting with Ms Sima Kamil, Deputy Governor State Bank of Pakistan (SBP) today, discussed modalities of the special initiatives proposed in the SME Policy for enhancing SMEs’ access to finance.… Continue

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BankIslami sponsors World Islamic Finance Forum 2022

BankIslami, Pakistan’s leading Islamic financial institution, proudly sponsored the prestigious, annual World Islamic Finance Forum 2022 (WIFF) as their exclusive gold banking partners. The two-day conference, held in Karachi on the 30th and 31st of May, was organized by IBA CEIF in the spirit of bringing together the best researchers, academicians, leading Islamic bankers, Shariah scholars and prominent personalities representing global financial institutions.… Continue

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MMBL Champions the need to boost financial literacy in Balochistan at the Financial Literacy Gala 2022

Mobilink Microfinance Bank Ltd. (MMBL) – Pakistan’s largest digital Bank, set up a financial literacy camp at the University of Balochistan on Tuesday, May 31, 2022. The camp was organized under the State Bank of Pakistan’s National Financial Literacy Program for Youth.… Continue

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NBP conducts Islamic Banking Awareness Sessions in Mohmand Agency, Swat and Charsada.

National Bank of Pakistan (NBP) conducted Islamic Banking Awareness Sessions in Mohmand Agency, Swat and Charsada.

Mufti Nadir Khan, Team Leader Shariah Compliance Department, NBP Aitemaad Islamic Banking addressed the sessions along with NBP’s KPK Aitemaad Islamic Banking regional team.

 

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MMBL and Digit 4G enter into strategic partnership

Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has partnered with DIGIT, a leading technology brand of Swift Biz Solutions Pvt. Ltd. in Pakistan, to bolster Pakistan’s digital and financial ecosystem.

Under this strategic partnership, MMBL will accelerate digital inclusion by enabling its deposit account customers to purchase DIGIT smartphones (Glory1, Play1 & Energy) at an affordable and subsidized price from selected MMBL branches.… Continue

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Easypaisa launches attractive in-app savings

Easypaisa, Pakistan’s leading digital payments platform, has introduced yet another innovative feature enabling users to earn daily profits through a single click. Easypaisa users can now use the in-app savings product to earn a percentage on their existing account balance every day.… Continue

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SBP reserves decreased by US$ 75 million

The total liquid foreign reserves held by the country stood at US$ 16,149.8 million as of 20-May-2022. The break-up of the foreign reserves position is as under:-

Foreign reserves held by the State Bank of Pakistan: US$ 10,088.6 million

Net foreign reserves held by commercial banks    : US$ 6,061.2 million

Total liquid foreign reserves                 : US$ 16,149.8 million

During the week ended on 20-May-2022, SBP reserves decreased by US$ 75 million to US$ 10,088.6 million due to external debt repayment.… Continue

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Syngenta partners with Habib Bank to nurture & transform agriculture

Syngenta Pakistan Limited, a globally leading agriculture company specializing in crop protection, biologicals, seeds and other crop enhancement products, has recently signed an MOU with the largest financial institution in Pakistan – Habib Bank Limited (HBL) –  to pioneer the most resourceful initiatives for the progress of Pakistan’s robust agriculture sector to create a broad-based impact.… Continue

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Standard Chartered launches Futuremakers Inclusive Employability Project

Standard Chartered Bank Private Ltd. (SCBPL) has launched the Futuremakers Inclusive Employability project, which focuses on economic empowerment of youth with disabilities. This project is part of ‘Futuremakers by Standard Chartered’ – the Bank’s global initiative to tackle inequality, by promoting economic-inclusion for young people, including those affected by COVID-19.… Continue

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Acting Governor SBP, inaugurates Meezan Roshan Digital Centre

The Acting Governor of State Bank of Pakistan (SBP), Dr Murtaza Syed, recently visited Meezan Bank’s Head Office in Karachi, the Deputy Governor, Ms Sima Kamil, and the Bank’s senior management. The Governor inaugurated the Digital Centre, built purposefully to cater for the needs of Roshan Digital Accounts (RDA) customers.… Continue

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KATI expresses concern over the SBP interest rate hike

Korangi Association of Trade and Industry (KATI) President Salman Aslam, while expressing concern over the hike in interest rates by SBP, said that raising interest rates to 13.75% would lead to an economic slowdown. Consequently, Unemployment and inflation will rise further.… Continue

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SBP to announce monetary policy on May 23, 2022. Experts have mixed expectations

The State Bank of Pakistan is scheduled to announce its monetary policy on May 23, 2022. The experts expect SBP to increase the policy rate by 1.0% to 13.25% from 12.25% today. Or some think, an increase of 50bps. Or it may be on the higher side.… Continue

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Pakistan attracts net FDI of $1.455 billion in 10MFY22

Foreign Direct Investment (FDI) dropped by 2.36 per cent in the first ten months (July-April) of the current fiscal year 2021-22 as multinational companies and foreign investors of various sectors have been cautious in investing in Pakistan because of the uncertainties posed by the global situation.… Continue

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Pakistan’s liquid foreign reserves continue to slide as of 13-May-2022

The total liquid foreign reserves held by the country stood at US$ 16,161.0 million as of 13-May-2022. The break-up of the foreign reserves position is as under:-

  • Foreign reserves held by the State Bank of Pakistan: US$ 10,163.6 million
  • Net foreign reserves held by commercial banks    : US$ 5,997.4 million
  • Total liquid foreign reserves                 : US$ 16,161.0 million

During the week ended on 13-May-2022, SBP reserves decreased by US$ 145 million to US$ 10,163.6 million.… Continue

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Mastercard and OPay announce strategic partnership

  • Partnership will enable OPay customers to pay on global online platforms backed by Mastercard’s secure Mastercard virtual payment solution linked to the OPay wallet
  • OPay consumers will enjoy a superior digital experience for multiple lifestyle services and new digital commerce opportunities for, with or without a bank account
  • In addition to digital commerce enablement, the two parties will jointly develop solutions to position OPay at the leading edge of financial services within the markets they operate in

     

Mastercard and fintech giant OPay today announced a strategic partnership, which marks a significant boost for wider financial inclusion and economic prosperity by opening up digital commerce to millions of people across Middle East and Africa.… Continue

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Pak-Qatar Takaful Group posts a PBT of PKR 271 million FY21

Pak-Qatar Takaful Group, which comprises of Pak-Qatar Family Takaful Limited and Pak-Qatar General Takaful Limited, reviewed and approved the financial statements of both the Companies for the year ended December 31, 2021 during the Board meeting recently. Pak-Qatar Takaful is Pakistan’s Pioneer and largest Takaful Group operating for more than a decade with the largest Takaful branch network nationwide.… Continue

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SBP issues advisory against Illegal offshore foreign exchange trading websites, mobile applications and platforms – all prohibited

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.… Continue

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A review of the Pakistan Banking Sector performance in April 2022

Banking sector deposit growth slowed down to 14.2% YoY primarily on account of the 2.1% sequential decline recorded in Apr-22. Total deposits clocked in at PKR 20.1Trn while advances surged to PKR 10.6Trn (↑22.8/3.0% YoY/MoM). Resultantly ADR for the banking sector shot up to 53.0% with the impetus coming from export financing, LTFF/TERF & construction financing.… Continue

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Standard Chartered contributes the largest Urban Forest in Karachi

Standard Chartered Bank Pakistan Ltd. (SCBPL) in collaboration with Sindh Radiant Organization (SRO) plants 40,000 trees at the Clifton Urban Forest. The tree plantation was conducted with the support of volunteers from the Bank. This initiative is in line with the Banks efforts towards reducing carbon footprint and conservation of wildlife and biodiversity.… Continue

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BankIslami sponsors Future Fest 2022 – Pakistan’s largest tech festival

BankIslami, Pakistan’s leading Islamic financial institution with 340 branches in 123+ cities, sponsored Future Fest 2022 – one of the most comprehensive tech conferences in the country, held in Islamabad from 13 May to 15 May, 2022. Spanning three days, the event included four conferences, an innovation exposition and a blended line up of Pakistan’s most noted tech startups, entrepreneurs, investors, brainiacs, techies and netizens.… Continue

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Standard Chartered announces the launch of SCWomenInTech Cohort 4

After three successful years in Pakistan, Standard Chartered Bank partnered with INNOVentures Global (Pvt.) Limited announced the launch the Cohort 4 of SCWomeninTech

SCWomeninTech (WiT) supports female-led entrepreneurial teams with business management training, mentoring and seed funding. The WiT programme is designed to help address gender disparity in the technology sector and use technology to tackle social challenges communities face.… Continue

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SBP says workers’ remittances crossed $3 billion for the first time ever in April

According to State Bank of Pakistan, with US $3.1 billion inflows during April 2022, workers’ remittances crossed $3 billion for the first time ever. 

In terms of growth, during April 2022, remittances increased by 11.2 percent on m/m basis and 11.9 percent on y/y basis.… Continue

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Pakistan’s foreign reserves continued to slide

The total liquid foreign reserves held by the country stood at US$ 16,375.7 million as of 06-May-2022. The break-up of the foreign reserves position is as under:-

Foreign reserves held by the State Bank of Pakistan: US$ 10,308.7 million

Net foreign reserves held by commercial banks    : US$ 6,067.0 million

Total liquid foreign reserves                 : US$ 16,375.7 million

During the week ended on 06-May-2022, SBP reserves decreased by US$ 190 million to US$ 10,308.7 million due to external debt repayments.… Continue

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