In a landmark move to track and enhance the progress of digital payments, Pakistan is set to introduce a national Digital Payment Index (DPI), aiming to assess the penetration and effectiveness of digital payment infrastructure across the country. The initiative will provide a crucial tool for policymakers, financial institutions, and private sector players to gauge […]
In a significant move aimed at stabilizing the open market, the State Bank of Pakistan (SBP) has extended the permission granted to exchange companies to import US dollars until June 30, 2025. This extension follows the earlier directive that was set to expire in June 2024. The central bank referred to its prior instructions outlined […]
Karachi, Pakistan – The State Bank of Pakistan (SBP) has announced the selection of Avanza Solutions as its strategic technology partner through a rigorous bidding process. This collaboration aims to enhance SBP’s operational efficiency and modernize its technological infrastructure, reinforcing the central bank’s commitment to delivering robust financial services. Avanza Solutions, a recognized leader in […]
Islamabad, Pakistan – In a landmark move, Mashreq Pakistan, a branch of the prominent financial institution Mashreq operating in the MENA region, has been granted In-Principle Approval (IPA) by the State Bank of Pakistan to commence its Islamic Banking operations within the country. This development underscores the bank’s commitment to offering ethical, innovative, and robust […]
The Islamic Banking Industry (IBI) in Pakistan has achieved a significant milestone, with its total assets reaching Rs. 9 trillion, according to the latest Islamic Banking Bulletin released by the State Bank of Pakistan (SBP). The report highlights a year of remarkable growth and expansion across the sector. As of December 2023, the assets of […]
Karachi: The State Bank of Pakistan (SBP) is set to revolutionize the traditional cattle markets during Eid-ul-Azha by introducing digital payment methods. This initiative aims to reduce cash transactions and promote financial inclusion in a market valued at an estimated Rs550-600 billion during the festival. The SBP has partnered with 25 banks to facilitate QR […]