In the monetary policy meeting held today (25th Nov’22), the State Bank of Pakistan (SBP) has hiked the benchmark policy rate by 100bps to 16%. To recall, the last hike of 125bps was done in Jul’22. The current stance aims to contain the impact of elevated domestic inflationary pressure, so as to embark on a path of sustainable recovery.… Continue
At today’s meeting, the Monetary Policy Committee (MPC) decided to raise the policy rate by 100 basis points to 16 percent. This decision reflects the MPC’s view that inflationary pressures have proven to be stronger and more persistent than expected. It is aimed at ensuring that elevated inflation does not become entrenched and that risks to financial stability are contained, thus paving the way for higher growth on a more sustainable basis.… Continue
Meezan Bank, Pakistan’s leading Islamic bank has been recognised among the top two winners as ‘Employer of the Year’ by Employers Federation of Pakistan (EFP) – Pakistan’s largest forum for employers. The Bank has received 2nd position as ‘Employer of the Year Award 2021’ in the category of ‘Large National Companies.’… Continue
The total liquid foreign reserves held by the country stood at US$ 13,645.0 million as of 18-Nov-2022. The break-up of the foreign reserves position is as under:-
- Foreign reserves held by the State Bank of Pakistan: US$ 7,825.7 million
- Net foreign reserves held by commercial banks : US$ 5,819.3 million
- Total liquid foreign reserves : US$ 13,645.0 million
During the week ended on 18-Nov-2022, SBP’s reserves decreased by US$ 134 million to US$ 7,825.7 million due to external debt repayment.… Continue
Meezan Bank, Pakistan’s leading Islamic bank and Pakistan Mortgage Refinance Company (PMRC), a Mortgage Liquidity Facility set up by the State Bank of Pakistan, have recently inked a Master Musharakah agreement to support and promote affordable housing finance in the country.… Continue
The monetary policy committee of SBP will convene on Friday (November 25, 2022). We expect SBP to keep the policy rate unchanged at 15% in the upcoming monetary policy. To recall, in the last MPS too, policy rate was kept unchanged at 15% and this stance was taken in lieu of a continued deceleration in economic activity as well as a decline detected in headline inflation since the last meeting held in Aug’22.… Continue
The State Bank of Pakistan (SBP) has suspended, with immediate effect, the authorization of two Exchange Companies, namely, Orient Exchange Company-B (Pvt.) Limited and Best Way Exchange Company-B (Pvt.) Limited for three months due to serious violations of regulatory instructions.
SBP has advised both the companies to strengthen their Internal Control Functions and submit a report, of corrective measures to be taken in this regard, to SBP.… Continue
Telenor Microfinance Bank is the first Bank in Pakistan that has successfully rolled out a digital first business model which allows it’s 11 million monthly active users to utilize its suite of payments, savings, lending and other digital platform services without the need of any physical interaction with the Bank.… Continue
The total liquid foreign reserves held by the country stood at US$ 13,796.2 million as of 11-Nov-2022. The break-up of the foreign reserves position is as under:-
- Foreign reserves held by the State Bank of Pakistan: US$ 7,959.5 million
- Net foreign reserves held by commercial banks : US$ 5,836.7 million
- Total liquid foreign reserves : US$ 13,796.2 million
During the week ended on 11-Nov-2022, SBP’s reserves increased by US$ 3 million to US$ 7,959.5 million.… Continue
The announcement from the Ministry of Finance last week that it will advise the State Bank of Pakistan and National Bank to withdraw their appeal against the Federal Shariat Court’s decree to convert to an Islamic financial system comes as a welcome step.… Continue
On the world’s biggest shopping day, 11.11, AlfaMall, Bank Alfalah’s e-commerce marketplace for customers and merchants, has pledged a seamless user experience with its ‘Buy Now, Pay Later feature. This will enable customers to avail of zero percent markup and easy instalments of up to 18 months.… Continue
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday lauded the decision of the Federal Government to introduce an interest-free banking system.
The Government will also withdraw two review appeals from the Supreme Court of Pakistan against the Federal Shariat Court (FSC) verdict on usury within the next few days, which has gone down very well with the business community, he said.… Continue
Workers’ remittances recorded an inflow of US$2.2 billion during October 2022, says a statement issued by State Bank of Pakistan today.
During October 2022, remittances decreased by 9.1 percent on m/m and by 15.7 percent on y/y basis.
With the cumulative inflow of US$ 9.9 billion during Jul-Oct FY23, decreasing by 8.6 percent as compared to the same period last year.
The total liquid foreign reserves held by the country stood at US$ 13,721.0 million as of 04-Nov-2022. The break-up of the foreign reserves position is as under:-
- Foreign reserves held by the State Bank of Pakistan: US$ 7,957.0 million
- Net foreign reserves held by commercial banks : US$ 5,764.0 million
- Total liquid foreign reserves : US$ 13,721.0 million
During the week ended on 04-Nov-2022, SBP’s reserves decreased by US$ 956 million to US$ 7,957.0 million due to external debt servicing.… Continue
The State Bank of Pakistan organized a Sustainable Banking Conference, in collaboration with IFC, a member of the World Bank Group, today in a local hotel in Karachi. The objective of the conference was to create critically needed awareness related to climate change and sustainability within the financial sector and launch the Environmental and Social Risk Management (ESRM) Implementation Manual.… Continue
A high-level meeting was held between the Governor, State Bank of Pakistan (SBP) and the Director General, Federal Investigation Agency (FIA) on November 8, 2022. The meeting took stock of illicit foreign exchange activities and chalked out a comprehensive plan of action against illegal foreign exchange businesses being carried out in the country.… Continue
Creators are driving a revolution in digital commerce and culture – producing content that entertains, engages, and educates online communities in powerful new ways. To serve this growing category of small business, Visa (NYSE: V) today announced the launch of the Visa Ready Creator Commerce program.… Continue
Faysal Bank Limited as part of its digital transformation journey has introduced a new innovative feature of Donation Payments via its WhatsApp banking channel.
Faysal Islami WhatsApp Banking enables its subscribers to make real-time donation payments to over 25 reputable charitable organizations such as SKMT, TCF, SIUT, Indus Hospital, Alamgir Welfare Trust and Pink Ribbon to mention only a few.… Continue
Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL), has recently launched the 2nd edition of its 9 Point Agenda for Financial Inclusion, a policy document aimed at fostering digital financial inclusion through meaningful regulatory interventions in nine key areas.… Continue
The National Bank of Pakistan has won the Best Bank Award in Asia-Pacific for 2022 as Global Finance announced its 29th Annual Best Bank Awards. Global Finance regularly selects the top performers among banks and other financial services providers. These awards have become a trusted standard of excellence for the global financial community.… Continue
Insurance is a mechanism that can facilitate social mobility by allowing individuals and families to overcome shocks that can affect their wealth and future income-generating capacities.
The possibility of accessing insurance products and services may be the difference between individuals or families achieving the goal of social mobility or remaining in a situation of economic vulnerability.… Continue
Jubilee Life Insurance, the largest private sector insurer in Pakistan, has extended its list of special acknowledgements with the Asia Money Award 2022. AsiaMoney is a prestigious platform that adjudges the financial performance of companies on a set of strict criteria to ascertain the most outstanding companies in various countries.… Continue
The Board of Directors of Faysal Bank Limited (FBL), in their meeting held on October 27, 2022, approved the financial statements of the Bank for the nine months ended September 30, 2022, and announced an interim cash dividend of Rs. 5.50 per share, i.e.… Continue
Meezan Bank- Pakistan’s leading Islamic bank has donated Rs. 35 million to Indus Hospital & Health Network for installation of a solar panels system. The initiative is part of the Bank’s Corporate Social Responsibility and Sustainability initiatives for 2022 and will provide financing to cover part of the 1.2MW solar power project being installed on the hospital’s rooftop.… Continue
The total liquid foreign reserves held by the country stood at US$ 13,162.2 million as of 21-Oct-2022. The break-up of the foreign reserves position is as under:-
- Foreign reserves held by the State Bank of Pakistan: US$ 7,439.9 million
- Net foreign reserves held by commercial banks : US$ 5,722.3 million
- Total liquid foreign reserves : US$ 13,162.2 million
During the week ended on 21-Oct-2022, SBP’s reserves decreased by US$ 157 million to US$ 7,439.9 million due to external debt repayment.… Continue