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Results for “State Bank of Pakistan” (68)

Hafsa Mustafa Posted in Politics

Saudi Arabia announces additional $3bn financial deposit for Pakistan

Saudi Arabia on Thursday announced an additional $3 billion deposit to the State Bank of Pakistan (SBP), saying the financial support was provided on directives from King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman. The development comes a day after Finance Minister Muhammad Aurangzeb said that Riyadh committed $3 billion in additional financial support for Pakistan, while also extending the maturity of its existing $5 billion deposit for a longer period. Read More…

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Hafsa Mustafa Posted in Business

SBP defies market expectations with 50bps rate cut

The State Bank of Pakistan (SBP) on Monday slashed the key policy rate by 50 basis points to 10.5% in a surprise move despite food-led inflation pressures and external considerations. In the last four monetary policy meetings, the central bank had observed the status quo. The last cut of 100 bps was announced after the May 5 meeting, reducing the policy rate to 11%. Read More…

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Hafsa Mustafa Posted in Uncategorized

Saudi Arabia rolls over $3bn deposit support for Pakistan

Saudi Arabia has extended the term of its $3 billion deposit placed with Pakistan for another year to support the country’s economy, the State Bank of Pakistan (SBP) announced on Thursday. In a statement, the central bank said: “The Saudi Fund for Development (SFD) on behalf of the Kingdom of Saudi Arabia has extended the term for the deposit of $3 billion maturing on December 8, 2025, for another year.” Read More…

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Hafsa Mustafa Posted in Uncategorized

State Bank of Pakistan Cuts Policy Rate by 100 Basis Points to 11%

The State Bank of Pakistan (SBP) announced a 100-basis point reduction in its key policy rate, bringing it down to 11%, as decided by the Monetary Policy Committee (MPC) during its meeting on Monday. This move, which aligns with market expectations of a rate cut amid easing inflation, aims to support economic growth while maintaining price stability. The Monetary Policy Committee highlighted a sharp decline in inflation during March and April, attributed to reduced administered electricity prices and a continued downtrend in food inflation. Core inflation also fell to 8.0… Read More…

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Hafsa Mustafa Posted in Business

Pakistan’s foreign reserves stand at US$13,097.8m: SBP

The foreign exchange reserves held by the State Bank of Pakistan (SBP) have dropped to US$ 8,012.8 million after a decrease of US$44 million. In a statement issued today, the spokesman of the central bank said the country’s total liquid foreign reserves stood at US$13,097.8 in the week ended on 16th February 2023 as compared to US$ 13,149.1 million during the week ended on 9th February. Read More…

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Alina Hashmi Posted in World

Saudi Arabia extends term for $3bn deposit for one year: SBP

Saudi Arabia has extended the term for the deposit of $3 billion maturing on December 5, 2023, for another year, the State Bank of Pakistan (SBP) announced in a statement. “The Saudi Fund for Development (SFD) on behalf of the Kingdom of Saudi Arabia has extended the term for the deposit of USD 3 billion maturing on 05 December 2023 for another year. The said amount has been placed with the State Bank of Pakistan (SBP) on behalf of the Islamic Republic of Pakistan,” the SBP stated. The extension of… Read More…

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Hafsa Mustafa Posted in Business

Saudi Arabia extends term for $3bn deposit to Pakistan

The State Bank of Pakistan (SBP) announced on Wednesday that Saudi Arabia has extended its term for a $3 billion deposit in the central bank, shoring up the country’s foreign exchange reserves and strengthening domestic economy. “The Saudi Fund for Development (SFD) on behalf of the Kingdom of Saudi Arabia has extended the term for the deposit of USD 3 billion maturing on 05 December 2023 for another one year,” the SBP announced in a statement. Read More…

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Hafsa Mustafa Posted in World

Pakistan, Arab Monetary Fund ink MoU to facilitate cross-border remittances

The Arab Monetary Fund (AMF) and the State Bank of Pakistan (SBP) on Friday signed a memorandum of understanding (MOU) to facilitate cross-border remittances between the Arab region and Pakistan. According to a statement, the MoU is signed to establish a framework of cooperation between Buna, the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by AMF, and Raast, Pakistan’s Instant Payment System. Read More…

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Hafsa Mustafa Posted in Business

Pakistan’s foreign exchange reserves drop to $12.65 b

The total liquid foreign reserves of Pakistan reached US$ 12.6560 billion while reserves held by the central bank stood at $7.49 billion. The State Bank of Pakistan, in a statement issued here on Thursday, informed that SBP’s reserves decreased by $ 220 million to $7.49 billion. The total liquid foreign reserves of Pakistan dropped by $ 257 million to US$ 12.6560 Whereas, net foreign reserves held by commercial banks stood at $ 5.16 billion after a decrease of $37 million. Read More…

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Hafsa Mustafa Posted in Business

Rupee slides against US dollar in interbank

The Pakistani rupee experienced slight depreciation against the US dollar, weakening by 0.15% in the interbank market on Wednesday. According to the State Bank of Pakistan (SBP), the rupee settled at 279.88, marking a decrease of Rs.0.45 n the interbank market. In the open market, the PKR was being sold at Rs.281.50 against the greenback. Read More…

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