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SBP clarifies air around deductions on online funds transfer

SBP clarifies air around deductions on online funds transfer

State Bank’s deputy governor Sima Kamil said, Friday, that the country’s banks have now have a regulated structure of charging customers for fund transfer services online. She termed it a “price-control” mechanism as the situation…

No WHT On banking transactions a step in the right direction: Experts

No WHT On banking transactions a step in the right direction: Experts

The government, in its recently announced Federal Budget, abolished a withholding tax on cash withdrawal from non-cash banking transfers and the banking system, a step taken to provide relief to the general public. Some experts…

SBP not to issue fresh currency notes this Eid

SBP not to issue fresh currency notes this Eid

For consecutively the second time, the State Bank of Pakistan (SBP) has not issued fresh currency notes in view of Eid-ul-Fitr. This means that the usual custom of giving out fresh and crisp notes in…

Pakistan posts a current account deficit of $47m in March

Pakistan posts a current account deficit of $47m in March

Pakistan posted a current account deficit of $47 million in March, making it the fourth month in a row to record a shrink in the balance. However, the first nine months of FY21 saw an…

Remittances To Pakistan Remain Above $2b

Remittances To Pakistan Remain Above $2b

Remittances to Pakistan increased by 14.1 percent year on year to $2.3 billion, clocking in above the $2bn mark for the fifth consecutive month in a row, the latest figures released by the State Bank…

SBP earns record profit in fiscal year 2019-20

SBP earns record profit in fiscal year 2019-20

The State Bank of Pakistan earned a record profit of Rs1.16 trillion during the fiscal year 2019-20 ended on June 30, compared to a loss of Rs1.043bn during the same period last fiscal year, data…

SBP announces new changes to facilitate foreign investors

SBP announces new changes to facilitate foreign investors

The State Bank of Pakistan (SBP) on Tuesday introduced a transparent mechanism, with complete delegation to banks, for remitting disinvestment proceeds to facilitate foreign direct investment (FDI). Under the new mechanism, the banks will be…

Asim Bajwa asked to clarify assets

Asim Bajwa asked to clarify assets

Senator Shibli Faraz, the federal government’s information minister on Tuesday said the CPEC Authority Chairman Asim Bajwa will share details around the recently released story on his ownership in million-dollar Papa John’s Pizza chain. Earlier…

Mechanism for digital payments unveiled

Mechanism for digital payments unveiled

In an effort to further enhance ease of doing business in Pakistan, the State Bank of Pakistan (SBP) introduced a new mechanism to enable the companies in Pakistan to make instant payments for acquiring digital…

SBP advises banks to increases Islamic banking services

SBP advises banks to increases Islamic banking services

The State Bank of Pakistan on Wednesday issued instructions for the banks to promote and increase the share of islamic banking in the country. “Keeping in view the significant potential of Islamic Banking Windows (IBWs)…