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
Tag: SBP
SBP Extends Validity Measures to Mitigate Coronavirus Pandemic
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
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
SBP Allows Opening Foreign Currency Account to Individuals Holding Origin Card
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
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
Bank Holiday
SBP Launches Digital Foreign Exchange Operations
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
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