KARACHI: The State Bank of Pakistan (SBP) has expressed full confidence in the country’s digital payment infrastructure, reaffirming its capability to support the government’s increasing drive towards a cashless economy. Speaking at the “Future Banking Summit 2024” organized by Total Communications on Monday, Syed Sohail Javaad, Executive Director of the SBP’s Digital Financial Services Group, […]
The profitability of Pakistan’s banking sector decelerated significantly in the first half of 2024, with after-tax profit growing by just 1.1% to Rs. 287 billion, according to the State Bank of Pakistan’s (SBP) Mid-Year Performance Review of the Banking Sector. This slowdown was driven by reduced growth in advances and declining returns on earning assets […]
Islamabad: The State Bank of Pakistan (SBP) has announced plans to introduce a new series of currency notes, ranging from Rs 10 to Rs 5,000, by the end of December 2024. The announcement was made by SBP Governor Jameel Ahmed during a briefing to the Senate Standing Committee on Finance. Governor Ahmed informed the committee, […]
Karachi, August 07, 2024 – The State Bank of Pakistan (SBP) has merged its two subsidiaries, the National Institute of Banking and Finance (NIBAF) and the Institute of Bankers Pakistan (IBP), to form NIBAF Pakistan. This strategic move aims to strengthen the preparation of human resources for the banking and financial sectors. SBP Governor Jameel […]
KARACHI, July 30, 2024 – In a decisive move to stimulate economic activity, the State Bank of Pakistan (SBP) announced a reduction in its key policy rate by 100 basis points, bringing it down to 19.5 percent. The decision, effective from July 30, 2024, was revealed by SBP Governor Jameel Ahmed following a meeting of […]
Islamabad, July 25, 2024 – The auto financing sector in Pakistan has experienced a notable decline for the second consecutive year, with total outstanding loans decreasing to Rs230.5 billion in June 2024, down from Rs233 billion in May. This continued downward trend reflects a significant contraction from the June 2022 figure of Rs368 billion, amounting […]
Islamabad, July 25, 2024 — The State Bank of Pakistan (SBP) has issued comprehensive guidelines to regulate the transfer and assignment of Non-Performing Assets (NPAs) from Financial Institutions (FIs), including banks and Development Financial Institutions, to Corporate Restructuring Companies (CRCs). This move aims to ensure that such transactions are conducted in a fair, transparent, and […]
The State Bank of Pakistan (SBP) has issued new directives requiring banks to file recovery suits in court for non-performing loans (NPLs) with an outstanding principal amount exceeding Rs. 10 million at least two years before considering them for charge-off. This move aims to ensure that recovery efforts for such NPLs are not compromised. In […]
Islamabad, July 2024 — Digital transactions accounted for 83% of total retail payments in Pakistan during the third quarter (January-March) of the fiscal year 2023-24, according to the State Bank of Pakistan‘s (SBP) Quarterly Payment Systems Report. The remaining 17% of transactions were conducted over-the-counter (OTC) at bank branches. Banks and Electronic Money Institutions (EMIs) […]
Islamabad, July 10, 2024— In a significant move to streamline the payment of various receipts, the Islamabad Capital Territory Police has announced a collaboration with 1LINK and the State Bank of Pakistan (SBP) for the implementation of the 1BILL payment system. The ceremony, marking this milestone, was attended by prominent figures including Mr. Syed Ali […]