Governor SBP inaugurates Polyculture Forest and Museum Laboratory

Karachi, October 21, 2020 (PPI-OT):Governor SBP Dr. Reza Baqir inaugurated the Polyculture Forest at Pakistan Security Printing Corporation (PSPC) Karachi. He was briefed about the project in detail by the management. The Polyculture Forest is inspired by the incumbent government’s priority of encouraging people, communities, organizations, businesses and civil society to collectively plant trees and thus play theiRead More…

Deposit Protection Corporation launches its website

Karachi, October 21, 2020 (PPI-OT):Deposit Protection Corporation (DPC) is pleased to announce the formal launch of its website, accessible at http://www.dpc.org.pk. Through this website DPC has embarked upon a more depositor-centric and responsive public awareness program. Launching of its own website is part of DPC’s broader communication strategy towards all its stakeholders, which focuses on making it easier foRead More…

Governor SBP launches of Digitization of FX Regulatory Approvals

Karachi, October 16, 2020 (PPI-OT):Dr. Reza Baqir launched the SBP FX Regulatory Approval System (RAS) for end-to-end digitalization of Foreign Exchange (FX) related case submission process today in a ceremony held in Karachi. At the invitation of Governor Baqir, Dr. Ishrat Husain, Advisor to the Prime Minister on Institutional Reforms and Austerity and the Governor State Bank of Pakistan (SBP) gave the keynote speecRead More…

Sufficient wheat stock available to tackle with domestic requirements: Ministry

Islamabad, October 16, 2020 (PPI-OT):Ministry of National Food Security and Research, while rejecting the claims of wheat shortage in the country as fallacious, has clarified that sufficient wheat stocks are available to tackle with domestic requirements. In a press release in Islamabad on Friday, the Ministry said the country is wheat secure till next harvest.
It said the decision was taken to meet the shortfall thrRead More…

Finance Division Rebuts Report on Depleting Foreign Exchange Reserves and the Bond Programme

Islamabad, October 15, 2020 (PPI-OT):A news report published in a section of press claiming that Pakistan’s foreign exchange reserves are depleting and that it would not be possible to float bonds unless the stalled IMF programme is revived, is completely fallacious and misleading on all three counts. First, Pakistan’s foreign exchange reserves are stable and certainly not depleting. The marginal fall in reservesRead More…

Clarification on Foreign Currency Accounts Rules 2020

Karachi:State Bank of Pakistan Sunday said that on 6th October 2020, the Federal Government issued Foreign Currency Accounts Rules, 2020 under the provisions of Protection of Economic Reforms Act, 1992. There has been no change in the general or special permissions given by the State Bank to individuals under the foreign exchange regulations. According to paragraph iv, Chapter 6 of the Foreign Exchange Manual, forRead More…

SBP introduces incentive and penalty mechanism for banks to promote housing and construction financing

Karachi:Building upon its earlier measure of setting mandatory target for banks to extend mortgage loans and financing for developers and builders, State Bank of Pakistan (SBP) has introduced a mechanism to incentivize meeting these targets. The mechanism also penalizes the banks for any shortfall in meeting the target. According to this mechanism, commencing from December 31, 2020, banks will find an incentive ofRead More…

(Finance): Expectations for CFOs are accelerating, report

Karachi:A report by ACCA (the Association of Chartered Certified Accountants) and IMA® (Institute of Management Accountants) finds the COVID-19 pandemic is accelerating the shifting of the CFO role. The CFO of the Future report, with data from global surveys and virtual roundtable discussions, shows that the CFO role is continuing to evolve with additional responsibilities and that the global pandemic has broughtRead More…

(Finance): SBP issues guidelines for DFIs to undertake Shariah compliant business

Karachi:State Bank of Pakistan (SBP) Friday said that to enlarge the scope of Shariah compliant financial services in the country, State Bank of Pakistan (SBP) has taken another important step by issuing guidelines for Development Finance Institutions (DFIs) to undertake Shariah compliant businesses and operations. Further, keeping in view the various developments, such as changes in the licensing and regulatory regiRead More…