ISLAMABAD – The International Monetary Fund (IMF) has raised concerns over a $6 billion annual discrepancy in Pakistan’s trade data during staff-level discussions for the $7 billion loan agreement, highlighting inconsistencies that have alarmed policymakers. According to official sources, the Pakistan Bureau of Statistics (PBS), which operates under the Ministry of Planning, has so far […]
State Bank
Pakistan joins global financial tech leaders with new payment system
Pakistan’s State Bank has launched a new real-time payment system called Prism Plus. This modern system improves the country’s banking infrastructure. With this launch, Pakistan joins a select group of nations using global-standard payment technology. The system aims to boost digital financial inclusion and support economic growth. The launch event took place at the National […]
Silk bank merges with united bank limited: SBP approves amalgamation
The State Bank of Pakistan (SBP) has approved the merger of Silk Bank Limited into United Bank Limited (UBL). This amalgamation will take effect on March 11, 2025. Both banks shared the news through separate notices to the Pakistan Stock Exchange on Tuesday. According to UBL’s notice, the merger is sanctioned under Section 48 of […]
SBP likely to maintain status quo in interest rate in new monetary policy
KARACHI: The State Bank of Pakistan (SBP) is scheduled to meet today (October 10) to assess developments on the economic front and announce its monetary policy for the next seven weeks. Conflicting movements in economic indicators tell the worst is not yet over, but the market has developed a consensus that the policy rate will […]
Banks to remain open this Saturday before Eid holidays
KARACHI: The State Bank of Pakistan (SBP) on Thursday stated that all banks and their branches shall remain open on Saturday, April 30, 2022. “In the wake of public holidays announced by the Government of Pakistan on the occasion of Eid ul Fitr, the general public is encouraged to undertake their banking transactions on Saturday, […]
IHC reserves decision on NBP president, chairman’s appointment
ISLAMABAD: The Islamabad High Court (IHC) on Friday reserved its judgment on four identical petitions challenging appointment of the National Bank of Pakistan (NBP) president and its chairman. Justice Mohsin Akhter Kiyani conducted hearing on four petitions filed separately regarding the above matter and reserved its verdict after listening arguments of all parties. At the […]
Govt completes of first payment transaction to 20 power producers
ISLAMABAD: The government has completed the first payment transaction amounting of Rs 89.2 billion to 40 percent to 20 independent power producers (IPPs). In compliance with the directives of the prime minister and under guidance of the finance minister, the government has completed the first payment transaction of 40 percent to 20 IPPs amounting to […]
SBP governor sees national economy growing at around 4 %
Governor State Bank of Pakistan Reza Baqir, talking to Bloomberg, said that the Monetary Policy Committee met on Friday. In the meeting they decided to keep the monetary stance significantly accommodative and to do so the policy rate was set at 7% while the real interest rate ranged from zero to minus 4. Moreover, the […]
Industrialists’ main interest is in low-interest rate
The interest rate policy is the much-awaited occasion for those who have bucks, who want to borrow/return bucks and those who have no bucks at all. The Monetary Policy Committee (MPC) of the State Bank of Pakistan said on Friday that the policy rate would remain at 7% for the next two months. According to […]
LCCI urges State Bank to lower banking spread in financing schemes
LAHORE: The Lahore Chamber of Commerce and Industry has urged the State Bank of Pakistan to lower banking spread in the central bank’s financing scheme for renewable energy and other sectors. In a letter to State Bank Governor Dr Reza Baqir, LCCI President Mian Tariq Misbah said that the business community appreciates the positive role […]