Tag Archives: State Bank of Pakistan

SBP Foreign Exchange Reserves Rise by $33 Million, Reaching $9.44 Billion The State Bank of Pakistan (SBP) witnessed a modest increase in its foreign exchange reserves, which rose by $33 million on a weekly basis, bringing the total reserves to $9.44 billion as of August 30, 2024. This marks the second consecutive week of growth in the country’s forex reserves, …

Market Overview: Positive Close Amid Volatility The Pakistan Stock Exchange (PSX) managed to close in the green on Tuesday, overcoming a volatile trading session. The positive close was primarily driven by expectations of a third consecutive interest rate cut by the State Bank of Pakistan (SBP) in its upcoming Monetary Policy Committee meeting scheduled for September 12. Ahsan Mehanti, an …

Remittances sent through Roshan Digital Accounts (RDA) by overseas Pakistanis have reached a significant milestone, surpassing $8.416 billion, according to the latest data released by the State Bank of Pakistan (SBP). This achievement underscores the growing confidence of the Pakistani diaspora in the RDA platform. July 2024 Remittance Performance In July 2024 alone, overseas Pakistanis transferred $161 million through the …

The federal government reduced its inflation forecast for August to a single digit on Friday, which could compel the central bank to consider a significant interest rate cut in the next monetary policy meeting. The Ministry of Finance’s monthly economic outlook projects inflation to range between 9.5% and 10.5% in August, with a further decline anticipated to 9% to 10% …

In a recent meeting of the Senate Standing Committee on Finance, it was revealed that Pakistani citizens have forgotten about Rs97 billion lying dormant in their bank accounts. This significant sum is spread across 10.4 million temporarily closed accounts in various banks throughout the country. Dormant Accounts and Forgotten Funds The meeting, chaired by Senator Saleem Mandviwala, highlighted that these …

SBP Foreign Exchange Reserves Post Marginal Weekly Increase The State Bank of Pakistan (SBP) has reported a slight increase in its foreign exchange reserves for the week ending August 16, 2024. According to the latest data released by the central bank on Thursday, the reserves held by the SBP have risen by $19 million on a weekly basis. The Numbers …

On Wednesday, State Bank Governor Jameel Ahmed announced that the design of Pakistan’s currency notes would be revamped by December. This announcement was made during a session of the Senate Standing Committee on Finance, chaired by Senator Salim Mandviwala. The revamped notes will feature enhanced security elements, addressing the need for modernized and secure currency in Pakistan. Revamping the Currency …

REER Index Update: The Real Effective Exchange Rate (REER) index appreciated to 101.5 in July 2024, up from 100.1 in June 2024, according to the State Bank of Pakistan (SBP). Currency Exchange Rates as of 19-Aug-2024: USD/PKR: 1-week: 279.0876 1-month: 281.3104 6-month: 289.9788 1-year: 302.2286 EUR/PKR: 1-week: 308.3095 1-month: 311.1427 6-month: 322.4834 1-year: 338.8322 GBP/PKR: 1-week: 361.9653 1-month: 364.9505 6-month: …

The central government debt of Pakistan surged by Rs8.07 trillion, or 13%, during the previous fiscal year, bringing the total debt to a staggering Rs68.9 trillion by the end of June 2024, according to data released by the State Bank of Pakistan (SBP) on Thursday. The significant rise in debt highlights the growing financial challenges faced by the government and …

State Bank of Pakistan (SBP) Governor Jameel Ahmad has expressed optimism about the country’s economic outlook, attributing the positive shift to effective measures implemented by the government and central bank. His message, delivered by Executive Director Muhammad Haroon Rasheed during Independence Day celebrations at the SBP, outlined significant improvements in macroeconomic indicators. Decline in Inflation and Reduction in Current Account …