China will launch an “action plan” on January 1 aimed at strengthening the management and operational framework of its digital currency, a senior central bank official said on Monday, signalling a renewed push to expand the use of the digital yuan. Read More: China’s new digital yuan: Lessons for Pakistan People’s Bank of China (PBoC) Deputy Governor […]
Central bank
Economic growth to remain around 3.25% in FY26: SBP
Pakistan’s central bank has warned that flood-induced losses to the country’s agriculture sector, post-flood infrastructure spending, and geopolitical uncertainty may widen trade and current account deficits, accelerate inflation reading, and restrict economic growth to around 3.25% in the ongoing fiscal year 2025-26. “The flood-induced losses to agriculture and infrastructure [spending] are likely to have upside […]
Pakistan’s central bank expected to hike rates
Inflation fell to 27.4% in August; food inflation remains at 38.5%. Rupee slides to all-time low, falling 6.2% in the last month alone. SBP said July inflation to be on downward path over next 12 months. KARACHI: Seeking to tackle sky-high inflation and bolster diminished foreign exchange reserves that have sent the rupee to record […]
Saudi deposits $5bn in quake-hit Turkiye’s central bank
RIYADH: Saudi Arabia said Monday it was depositing $5 billion in Turkiye’s central bank, a potentially major boost as the country grapples with inflation and damage from last month’s earthquake ahead of presidential elections. Ahmed Al Khateeb, the Saudi tourism minister and board chairman of the Saudi Fund for Development, signed an agreement with Turkish […]
Retired Lebanese soldiers picket central bank over cuts
Retired soldiers in Lebanon, concerned about any pension or benefit cuts as the government debates a draft budget, started picketing the Central Bank building late on Sunday, saying they aimed to stop workers from entering on Monday morning. As about 100 protesters gathered outside the Central Bank, Lebanon’s coalition government held its latest meeting to […]
Two employees from Venezuela’s central bank arrested after meeting Guaido: lawyer
Two people who work at Venezuela’s central bank were arrested on Friday after meeting opposition leader Juan Guaido, who has called on public officials to disavow President Nicolas Maduro, according to the employees’ lawyer and a source familiar with the matter. The attorney, Alonso Medina Roa, said the pair – Deny Albujar and Manuel Alberto […]
SBP hikes policy rate for the fifth time in FY19
The State Bank of Pakistan (SBP) Friday said the country has witnessed sufficient improvement in economic growth as the current account deficit recorded a sizeable contraction, which, together with bilateral inflows, has helped ease pressures on the foreign exchange reserves. These developments on the external front have improved stability in the financial markets, reduced uncertainty […]