SBP Recommends Increasing Retirement Age to Reduce Fiscal Burden

by Feature Writer - January 7, 2021January 6, 20210

State Bank of Pakistan (SBP) has recommended increase in retirement age in order to reduce average coverage period of retirement benefits.“The increase in level of standard pension age may reduce the average coverage period of retirement benefits,” the SBP said in a report issued on Tuesday.The pension system follows two

SBP Extends Validity Measures to Mitigate Coronavirus Pandemic

by Feature Writer - December 31, 2020December 31, 20200

The State Bank of Pakistan (SBP) has extended the validity of measures up to June 30, 2021 to mitigate coronavirus pandemic related to Anti-Money Laundering (AML)/ Counter Financing of Terrorism (CFT), a statement said on Thursday.The SBP invited the attention towards BPRD Circular Letters No. 32 & 33 of 2020

Bank Working Hours Extended for Duty, Tax Collection: SBP

by Feature Writer - November 30, 2020November 30, 20200

State Bank of Pakistan (SBP) on Sunday directed all banks to observe extended working hours to facilitate collection of duty and taxes on Monday November 30, 2020.A notification issued by the central bank, stated that in order to facilitate the collection of government receipts / duties / taxes, it has

SBP keeps key Policy Rate Unchanged at 7 Percent

by Feature Writer - November 23, 2020November 23, 20200

The monetary policy committee of the State Bank of Pakistan has decided to keep the key policy rate unchanged at 7 percent for next two months.In an announcement on Monday, the MPC noted that since the last meeting in September, the domestic recovery has gradually gained traction, in line with

SBP Allows Opening Foreign Currency Account to Individuals Holding Origin Card

by Feature Writer - November 18, 2020November 18, 20200

State Bank of Pakistan (SBP) on Tuesday allowed non-resident individuals holding Pakistan Origin Card (POC) to open foreign currency account.The SBP said that as per FE circular No. 02 dated August 05, 2020, a non resident individuals is eligible to open foreign currency account.The SBP clarified that an individual non-resident,

SBP Directs Blocking Payments for Subscribing Indian Online Contents

by Feature Writer - November 12, 2020November 12, 20200

State Bank of Pakistan has banned online payment for subscribing Indian entertainment content.In a circular issued to all banks, the SBP directed to block the payment to Indian content.The central bank said that the decision had been taken on the directives of federal cabinet to stop different modes of payments

Mobile Application TAG Approved by SBP to Operate as an Electronic Money Institution

by Feature Writer - November 3, 2020November 3, 20200

TAG will be the latest fintech startup to get approved by the State Bank of Pakistan (SBP) to operate as an Electronic Money Institution (EMI) in Pakistan.TAG is a mobile application that allows its users to open mobile wallets and get debit cards. The app’s users can use it to

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