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On Thursday, the Federal Shariat Court deemed Pakistan’s Interest Act 1839 un-Islamic, ordering the government to replace the Riba-based financial system with an Islamic one within five years.On April 12, a full bench of the Federal Shariat Court (FSC), led by Chief Justice Muhammad Noor Meskanzai and included Justice Dr.Continue Reading
MULTAN — Governor of the State Bank of Pakistan (SBP), Dr. Reza Baqir, has stated that the Asaan Credit Scheme (I-SAAF) will be a game changer in improving access to finance for SMEs by addressing the long-standing concern of a shortage of collateral. Dr. Reza Baqir spoke at length aboutContinue Reading
KARACHI — On Monday, Saudi Funds granted a $3 billion loan to the State Bank of Pakistan (SBP). According to the terms, the sum of the agreement would be deposited in the State Bank of Pakistan’s income. On the other hand, Minister of Finance Shauqat Tarin met with Prime MinisterContinue Reading
The federal cabinet has accepted a deal to hold $3 billion in Saudi Arabian funding in Pakistan’s State Bank. The transaction was approved by the Cabinet via a dissemination summary on Saturday. The Saudi government agreed to keep a $3 billion reserve at the State Bank. The help will beContinue Reading
LAHORE, Pakistan – In interbank trading on Thursday, the US Dollar (USD) was valued at Rs174.98 versus the Pakistani Rupee (PKR). The value of the dollar has dropped by 6 paisa in the interbank market, according to data. The dollar had previously ended at Rs175.04 in the interbank market.Continue Reading
KARACHI, Pakistan — In an effort to limit runaway inflation, the State Bank of Pakistan (SBP) raised its benchmark policy rate by 150 basis points to 8.75 percent on Friday. The Monetary Policy Committee (MPC) voted to raise the policy rate by 150 basis points to 8.75 percent at itsContinue Reading
ISLAMABAD – On Tuesday, the Saudi Fund for Development announced a “generous instruction” to deposit US $3 billion with the State Bank of Pakistan to help the government maintain its foreign currency reserves and deal with the effects of the Corona outbreak. The deposit of US 3 billion dollars wasContinue Reading
KARACHI: The State Bank of Pakistan (SBP) has received $2.75 billion in Special Drawing Rights (SDRs) from the International Monetary Fund (IMF), bringing the central bank’s foreign exchange holdings to an all-time high of $20.14 billion. The central bank’s foreign currency reserves on August 27 were $20,145.6 million, according toContinue Reading
The State Bank of Pakistan has chosen to keep the policy rate at 7% for the next two months, according to Dr Reza Baqir, the central bank’s governor. “The Monetary Policy Committee (MPC) agreed to keep the policy rate at 7% at its meeting on July 27, 2021,” the SBPContinue Reading
KARACHI: Pakistan’s remittances from abroad grew at a nearly two-decade high pace in the previous fiscal year of 2020-21, providing significant assistance to the external sector, according to statistics released by the central bank on Tuesday. “Despite the tough global economic conditions in the previous year, these [remittances] helped strengthenContinue Reading
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