Bank Holiday

by Feature Writer - October 28, 2020October 28, 20200

The State Bank of Pakistan (SBP) will remain closed on October 30, 2020 (Friday), the 12th Rabi-ul-Awaal 1442 AH on the occasion of Eid Milad-Un-Nabi, a statement said on Tuesday.

SBP Launches Digital Foreign Exchange Operations

by Feature Writer - October 17, 2020October 17, 20200

State Bank of Pakistan (SBP) has launched an initiative to transform digital foreign exchange operations by replacing the paper-based requests with electronic submissions, which is not only efficient but also cost effective.Dr. Reza Baqir launched the SBP FX Regulatory Approval System (RAS) for end-to-end digitalization of Foreign Exchange (FX) related

SBP Directs Banks to Close all Government Accounts Under TSA

by Feature Writer - October 7, 2020October 7, 20200

State Bank of Pakistan (SBP) has started implementing Treasury Single Account (TSA) and directed all banks to close all accounts related to government authorities.In a communication issued on Wednesday, the SBP said that the Finance Division, Government of Pakistan (GoP) vide their letter F.No.1(1)/S.O(TSA)/2020 dated August 19, 2020 has directed

Banks to Disburse Loans Under Naya Pakistan Housing Scheme From Next Week

by Feature Writer - September 26, 2020September 26, 20200

Naya Pakistan Housing and Development Authority (NAPHDA) Chairman Lt Gen (r) Anwar Ali Hyder said on Friday that six commercial banks that form the consortium for financing PM’s Naya Pakistan Housing Programme would start giving loans from next week under the guidelines devised by State Bank of Pakistan (SBP).Anwar Ali

SBP keeps Policy Rate Unchanged at 7pc

by Feature Writer - September 21, 2020September 21, 20200

State Bank of Pakistan (SBP) on Monday decided to keep the key policy rate unchanged at 7 percent for next two months.The decision was taken after the committee of monetary policy considered economic condition in the wake of adverse impact of coronavirus.The SBP brought down the policy rate by 625

SBP to Announce Monetary Policy Today, Expected to keep Interest Rate Unchanged

by Feature Writer - September 21, 2020September 21, 20200

The State Bank of Pakistan (SBP) will announce its decision on the monetary policy today with the analysts forecasting that there will be no change in the current policy rate.The central bank announced on Twitter that the SBP’s Monetary Policy Committee (MPC) is meeting today to discuss the country's monetary

SBP issuing Rs999 Billion Worth of New Notes, taking Old Currency to Prevent COVID-19

by Feature Writer - September 16, 2020September 16, 20200

SBP officials said the bank is taking a large number of currency notes out of circulation to prevent risk of viral transmission when people exchange them. In place of the old notes, SBP is issuing Rs999 billion worth of new notes, they added.According to the officials, the move is in

SBP Allows Opening of Selected Bank Branches on Saturdays

by Feature Writer - September 15, 2020September 15, 20200

State Bank of Pakistan (SBP) on Monday allowed banks to open their selected branches on Saturdays with ensuring implementation of SOPs to prevent coronavirus.The SBP said that through a notification on October 14, 2011 under which banks / microfinance banks were permitted to open their selected branches at various business

Roshan Digital Accounts: SBP Issues Instructions for Facilitating Overseas Pakistanis

by Feature Writer - September 9, 2020September 9, 20200

The SBP said that it had launched the ‘Roshan Digital Accounts (RDA) for Non-Resident Pakistanis’ (NRPs) to enable them to remotely open bank accounts in Pakistan through online digital portals of your bank without physically visiting branches.For this purpose, SBP has already issued a simplified account opening framework and other