Banks to observe two-day public holiday, announces SBP

State Bank of Pakistan building in this undated image. — SBP Banks will be closed for two days across the country on account of public holidays announced for Ashura — 9th and 10th Muharram, 1446AH — falling on July 16 and 17, 2024. The announcement was made by the State Bank of Pakistan (SBP) regarding […]

Current account deficit reaches $464m in 11 Months: SBP | The Express Tribune

The current account deficit for the first eleven months of this fiscal year stood at $464 million, according to the State Bank of Pakistan (SBP). The SBP’s recently released data indicates that the current account deficit for the initial eleven months of this fiscal year was significantly lower compared to the same period last year, […]

SBP reduces policy rate by 1.5% ahead of budget

The State Bank of Pakistan building in Karachi. — APP/file KARACHI: The State Bank of Pakistan (SBP) on Monday announced to cut the policy rate by 150 basis points, marking its first rate reduction in nearly four years. The decision to cut the key rate to 20.5% comes two days ahead of budget and a […]

SBP forex reserves reach over $9bn fuelled by fresh IMF tranche

An undated image of a currency dealer holding a stack of $100 notes. — AFP/File KARACHI: After a recent inflow of $1.1 billion from the International Monetary Fund (IMF), the State Bank of Pakistan’s (SBP) foreign exchange reserves have risen to over $9 billion. The SBP issued a statement on Thursday on the current position […]

SBP holds key policy rate at 22% | The Express Tribune

KARACHI: In line with market expectations, Pakistan’s central bank has left its key policy rate unchanged at a record high of 22% for the seventh consecutive time in the past 10 months, ahead of the IMF executive board’s final approval for the release of the last tranche of $1.1 billion on Monday. The country has […]

Saudis to up their deposits in SBP by $2b | The Express Tribune

ISLAMABAD: Riyadh and Islamabad have reached an agreement to surge the Saudi deposits in the State Bank of Pakistan (SBP) by $2 billion – increasing them from $3 billion to $5 billion. Saudi Arabia Holding Company CEO Mohammad AlQahtani in a social media post shared that following the visit of Prime Minister Shehbaz Sharif to […]

SBP keeps policy rate unchanged at 22% as inflationary risks remain

State Bank of Pakistan logo seen on a wall in this undated image. — Bloomberg/File The State Bank of Pakistan (SBP) has decided to keep the monetary policy rate unchanged at 22%, the central bank said in an official statement after the Monetary Policy Committee (MPC) earlier today (Monday).  At its meeting, the Committee noted […]

SBP keeps policy rate unchanged for fifth consecutive time | The Express Tribune

KARACHI: The State Bank of Pakistan (SBP) left its key policy rate unchanged on Monday at a record high of 22% for the fifth consecutive time in the past nine months, taking a cautious approach against a likely uptick in inflation readings amid the ongoing talks with the International Monetary Fund (IMF). In its latest […]

SBP expected to maintain policy rate in meeting today

State Bank of Pakistan’s (SBP) old building. — AFP/File The monetary policy rate is likely to remain unchanged as the monetary policy committee of the State Bank of Pakistan (SBP) conducts a meeting in Karachi today. In a statement on Monday, the central bank said its committee will meet today to decide on the new […]

SBP faces dilemma over interest rate | The Express Tribune

KARACHI: Pakistan’s central bank is scheduled to meet on Monday to determine the benchmark interest rate for the next six weeks. It will be a highly tricky meeting with almost half of the financial experts and key investors betting on the bank cutting the rate, while the remaining half believe the financial regulator will leave […]

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