Pakistan Reaches Milestone in Cross-Border Payments and Financial Inclusion The State Bank of Pakistan (SBP) Governor Jameel Ahmed announced a significant achievement: cross-border payments in Pakistani rupees between Pakistan and Arab nations are now possible. This has been made possible by integrating Pakistan’s Raast instant payment system with the Arab Monetary Fund’s Buna platform. In […]
Tag: State Bank of Pakistan
RUPEE SURGES, RESERVES HIT 26-MONTH HIGH
KARACHI:Pakistan’s foreign exchange reserves, held by the State Bank of Pakistan (SBP), increased by $43 million, reaching a 26-month peak of $9.51 billion in the week ending September 13, 2024, as per the central bank’s latest report. This boost coincided with the strengthening of the Pakistani rupee, which reached a five-and-a-half-month high of Rs277.91 against […]
PSX RALLIES AFTER EARLY SELL-OFF: INVESTORS TURN THE TIDE
KARACHI: Investor sell-offs put some initial pressure on the Pakistan Stock Exchange (PSX) last week, but as good economic news came to pass, the market recovered. A significant decision was made by the State Bank of Pakistan (SBP), which lowered its policy rate by 200 basis points to 17.5%, a level not seen since April […]
GLOBAL FIRMS DESIGN NEW BANKNOTES PAKISTAN
KARACHI: The State Bank of Pakistan has declared that reputable foreign organisations chosen through a competitive process are designing the proposed new series of banknotes, and they will present their suggestions by December 2024. It made it clear that the banknote designs that won an art competition were not the ones that were chosen for […]
CHANGING THE WEST’S PERCEPTION OF PAKISTAN
KARACHI: Following recent calm, Pakistan’s economy is about to embark on a phase of steady expansion. This is demonstrated by the fact that Islamabad’s credit rating was raised in July and August by well-known international rating organisations like Fitch and Moody’s. These upgrades recognise Pakistan’s ability to avoid economic and financial risks, thereby reducing the […]