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Governor State Bank of Pakistan

State Bank directs banks, DFIs to carryout biometric verification of customers

KARACHI: The State Bank of Pakistan (SBP) has directed all Pakistani banks and Development Financial Institutions (DFIs) to carry out biometric verification of the existing customers by 30th November 2018, to eliminate fake accounts and end illegal transactions. The central bank in a statement said, to preserve the integrity, soundness and safety of the financial system, SBP has been endeavoring to prevent the possible use of the banking sector for money laundering, terrorist financing and other illicit activities.…

Tariq Bajwa appointed new governor of SBP

ISLAMABAD: The federal government has appointed former finance secretary Tariq Bajwa as  new governor of the State Bank of Pakistan (SBP), ARY News reported on Friday. His appointment came in the wake of sudden depreciation and subsequent appreciation in the value of the rupee against the dollar. Finance Minister Ishaq Dar had termed the depreciation artificial, which was the largest drop in the rupee value in nine years. Riaz Riazuddin has been serving as SBP's acting governor since May 2 after the top slot of the…

Nisab for Zakat fixed at Rs 38,406, 1st Ramazan deduction day

KARACHI: The Nisab for Zakat has been fixed at Rs38,406 for lunar year 1437-38 A.H. a government notification has said. This essentially means that no deduction of Zakat at source shall be made in case the amount in the account will be lesser than the value defined above. The 2.5 per cent deduction, applied on Saving, Profit and Loss Sharing and other similar accounts, will be made on 1st of Ramazan which is likely to fall on May 27 or 28, notified the Administrator General Zakat. However, the Savings Account…