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State Bank of Pakistan

SBP receives $1bn Saudi assistance

KARACHI: The State Bank of Pakistan (SBP) on Monday received the first tranche of $1 billion under the balance of payment support from Saudi Arabia.  According to a SBP spokesperson, out of the promised $3bn Saudi assistance in foreign currency support, the central bank has received $1bn dollar, while the remaining amount of $2 billion is expected to reach in next few days. After the receipt of the amount, the country’s foreign exchange reserves have increased to more than $14 billion, said the spokesperson.…

State Bank of Pakistan advises not to share personal details on calls

KARACHI: The State Bank of Pakistan (SBP) has advised people not to share personal information like Computerised National Identity Card (CNIC) number, bank account number and password on fake calls from individuals impersonating as officials of the central bank. The bank has advised public to inform such incident to law enforcement agencies and approach their banks immediately in case of any loss arising because of leakage of personal information. "It has been noticed that time and again fraudsters make phone calls to…

Pakistan’s gross public debt gushed by 16.6% during FY18

LAHORE: The annual report on “State of Economy” for FY18, released by State Bank of Pakistan on Thursday stated that the gross public debt of Pakistan has mounted by almost 16.6% during the FY18, which is almost two times as compared to the rate recorded in FY17. According to the central bank statement, the amplified macroeconomic balances and expanding of twin deficits had added up to Pakistan’s debt rate magnification. It is observed that, the gross public debt had boosted by almost 5.6% to 72.5% of GDP by the end of…

Pakistani rupee strengthens against US Dollar

KARACHI: The rupee strengthened against the US dollar at Rs121.45/121.65 in the inter-bank market on Friday compared with Thursday’s close of Rs121.6/121.8. With reference to the past week, rupee value is on the verge of continuous depreciation. However, Pakistani currency weakened further by 3.65% in its third round of rupee depreciation last week. Since December, the rupee has cumulatively shed close to 13% of its value after the central bank reportedly abstained from intervening in response to the pressure due to a…

Electoral scrutiny: SBP, PTCL declare numerous bigwigs defaulters

ISLAMABAD: The scrutiny of nomination papers has brought several political big shots into hot water who were aspiring to be election candidates for 2018 general elections. The State Bank of Pakistan (SBP) has pronounced more than 100 elections candidates as its defaulter whereas, 1514 candidates are declared nonpayers by Pakistan Telecommunication Company Limited (PTCL) during the scrutiny process of nomination papers which was initiated on June 12. The defaulters' list issued by SBP, which has reportedly been sent to…

222 beneficiaries of loan write-off scheme asked to furnish replies

ISLAMABAD: The Supreme Court of Pakistan on Friday sought replies within a week from as many as 222 companies and firms which had got loans worth billions of rupees written off by commercial banks.   Headed by Chief Justice Mian Saqib Nisar a bench of the apex court was hearing a suo motu case pertaining to the State Bank of Pakistan (SBP) allowing commercial banks to write off non-performing loans (NPLs) under a scheme introduced during the regime of former military ruler Pervez Musharraf. The chief justice…

SBP receives 2.4 million SMS for fresh currency notes

ISLAMABAD: The State Bank of Pakistan has received as many as 2.4 million requests from across the country for the issuance of fresh currency notes.  The SBP introduced a SMS service for acquiring fresh currency notices from June 1 to June 14 for Eidul Fitr. People were asked to send from their cell phones SMSs containing their CNIC/smart card numbers along with the codes of bank branches to 8877 to get new currency notes. The SBP and Pakistan Banks Association had set up SMS short code service for those who intend…

State Bank of Pakistan warns against trade in digital currencies

KARACHI: The State Bank of Pakistan (SBP) issued a warning, intimating public and all the concerned about potential risks of trade in virtual currencies. According to the SBP, “Virtual Currencies like Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond etc. or Initial Coin Offerings (ICO) tokens are not legal tender, issued or guaranteed by the Government of Pakistan. SBP has not authorized or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such Virtual…

Pakistani rupee extends fall after State Bank of Pakistan withdraws support

KARACHI: The Pakistani rupee fell for a third straight session on Tuesday after the central bank withdrew its support on Friday, effectively devaluing the local currency. It was at 110.25 per dollar at 11 am (0600 GMT) after opening at 108.41, traders said. It had opened at 105.55 per dollar on Friday. The Pakistani rupee, which has mostly traded in a tight range of 104-105 per dollar since December 2015, has shed over 5 percent in the past three sessions. Read More: Pakistani rupee weakens further after SBP pulls…

Govt finalises two candidates for Governor State Bank of Pakistan

ISLAMABAD: The government has decided to appoint a permanent Governor State Bank of Pakistan days after a spike the interbank rate of US dollars and depreciation of the Pakistani rupee. Informed sources revealed that two names have been finalised for the prominent position which will be presented to Prime Minister Nawaz Sharif after he returns from an official visit of Tajikistan. Former Finance Secretary Tariq Bajwa is the likely favourite candidate for the position. He has also been a former chairman Federal Board of…