SBP cuts key policy rate by 200bps, slashes to 17.5 per cent
The State Bank of Pakistan’s Monetary Policy Committee (MPC) has made its sharpest rate cut since April 2020, reducing the key policy rate by 200 basis points to 17.5 per cent, effective September 13, 2024. In addition, this move reflects a faster-than-expected decline in inflation, fueled by delayed energy price
Here’s how much salary current State Bank Governor is Paid
The Governor of the State Bank of Pakistan (SBP), Jameel Ahmed, currently receives a monthly salary of Rs4 million, which is notably 60 per cent higher than the salary of his predecessor, Dr Reza Baqir, who earned Rs2.5 million per month. Moreover, this information was presented to the National Assembly
Pakistan to experiment with plastic currency: what to expect?
The State Bank of Pakistan (SBP) has been reviewing to replace all currency notes, including launching polymer currency of any one note.
Pakistanis forget Rs.97 billion in dormant bank accounts
Senate committee highlights forgotten Rs97 billion in dormant bank accounts Pakistani citizens have a staggering Rs97 billion lying dormant in their bank accounts, it was revealed at a recent Senate Standing Committee on Finance session. This significant amount of money is spread across 10.4 million temporarily closed accounts in various
Car financing dips by 1.09% in July 2024
Auto financing in Pakistan saw its second consecutive year of decline, with outstanding loans dropping to to Rs.228 billion in July 2024 from Rs.230.5 billion in June, according to the State Bank of Pakistan. Moreover, over the past two years, total outstanding loans have shrunk by Rs138 billion, reflecting a
Pakistan’s foreign exchange reserves rise to $14.05 billion
The State Bank of Pakistan (SBP) has reported a rise in foreign exchange reserves. Recent figures show that overall foreign exchange reserves increased by $8 million, bringing the total to $14.047 billion. Moreover, the SBP’s reserves notably grew by $511 million, reaching $9.15 billion, while deposits in commercial banks climbed
SBP announces bank holiday
The State Bank of Pakistan (SBP) has declared Wednesday, August 14, 2024, a bank holiday in honor of Independence Day. In a press release on Thursday, the SBP stated that all central bank branches, regional offices, public and private banks, and other financial institutions nationwide would be closed on that
Finance ministry claims inflation rate falls to 10%
According to Ministry of Finance recent monthly economic update and forecast report, highlighted a number of encouraging developments in Pakistan’s economy. According to the analysis, it is anticipated that the rate of inflation would shortly drop to a single digit. In July and August, respectively, it projects inflation rates of
SBP reserves drop by $397 million
The State Bank of Pakistan (SBP) announced a significant reduction of $397 million in its foreign reserves. Previously standing at $9.42 billion, the reserves have now decreased to $9.03 billion. On Thursday, the SBP reported that its liquid foreign reserves declined to $9,027.2 million as of July 19, 2024, due
Pakistan’s foreign reserves surge by $494 million
The State Bank of Pakistan (SBP) has announced a considerable increase in liquid foreign reserves, which have reached $14,573 million as of June 28, 2024. Data released on Thursday reveals that the SBP’s reserves stood at $9,389.5 million, showing a significant rise of $494 million during the week ending June
