Tag: Sbp

KARACHI - The State Bank of Pakistan will start issuing banknotes bearing the signature of SBP Governor Shahid Kardar with effect from January 3, 2011 from the field offices of SBP Banking Services Corporation.
According to an SBP statement, the banknotes bearing signatures of Kardar' predecessors shall continue to remain in circulation as Legal Tender.

ISLAMABAD: The government has been advised by its top economic managers to immediately stop borrowing from the State Bank of Pakistan (SBP), else inflation might soar and further thin chances of additional revenue generation in the coming years.
Per official sources, Prime Minister Yousaf Raza Gilani on Friday met the finance minister, SBP governor, Planning Commission deputy chairman and others.
The meeting was informed that the tax to GDP ratio would further decline with

KARACHI: The State Bank of Pakistan (SBP) has asked commercial banks and Development Financial Institutions (DFIs) to allow credit entries in the dormant accounts of their customers.
The move came in line with the amendment in the Prudential Regulation M-1 for corporate/commercial banking vide SBP's circular (BPRD Circular Letter No. 07) on March 9 last year. "For customers/clients whose accounts are either dormant as per bank's own policy or an attested copy of account holder's

KARACHI: The State Bank of Pakistan (SBP) has warned that commercial banks are restricting loan provision to only strong performing sectors to the detriment of other sectors. It has also observed that such concentration carries the inherent threat of systemic risk.
The central bank, assessing financial stability in the last calendar year 2009-10, viewed that commercial banks appear to be willing to lend solely to strong corporate clients in certain economic sectors such as

KARACHI: With the government seeming to have resolved to destabilise the country's socio-economic structure through rampant inflationary bank borrowings, the State Bank of Pakistan (SBP) sees the risk of insolvency for some small banks increasing fast.
"Bank-wise information shows that some small banks were not able to withstand various negative developments in their operating environment and are now in an increasingly vulnerable position," viewed the central bank in its

KARACHI: State Bank of Pakistan has suggested the privatization of the state-run insurance companies. These companies include State Life Insurance Company (SLIC), Pakistan Reinsurance Company Limited (PRCL) and National Insurance Company Limited (NICL). In its new Financial Stability Report, SBP said that one of the suggested reforms in insurance sector is the privatization of all the state-owned companies, which has been delayed for quite some time.
SBP observed the insurance

KARACHI: The size of country's financial system, in terms of assets, has exhibited robust growth, rising by 20 percent to Rs 9.2 trillion by June 2010, compared to December 2008 level of Rs 7.71 trillion, the State Bank of Pakistan (SBP) revealed in its Financial Stability Review 2009-10 released on Tuesday.
The Report was an assessment of financial stability in 2009 (CY09) and the first half of 2010 (H1-CY10) and evaluated the government's role in enhancing development of the

KARACHI: would receive at least $700 million from the US under the Coalition Support Fund (CSF) this month, State Bank of Pakistan Governor Shahid H Kardar said on Monday.
He was talking to businessmen at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). Dwelling on various short- and long-term fiscal and monetary affairs in the country, the SBP governor said the country had so far received at least $800 million under the fund.
Kardar said Islamabad

KARACHI: The State Bank of Pakistan (SBP) has accepted bids worth Rs 37.174 billion in line with the funds-starved federal government's plan to raise money from the open market through auctioning of 3-year Government of Pakistan Ijara Sukuk.
According to the State Bank, the primary dealers had offered bids worth Rs 57.754 billion in response to its tender for the sale of the three-year Ijara Sukuk. The range of margin over the benchmark for the offered amount was -25.00 to

LAHORE: The Punjab government's overdraft was within the limits of the State Bank of Pakistan (SBP), Punjab Finance Minister Tanvir Ashraf Kaira said on Monday. He made these remarks while meeting members of the provincial assembly (MPA) and Pakistan People's Party (PPP) workers at his office. He said that the Punjab government had accelerated the pace of development projects so that the public could get benefit from the welfare-oriented schemes as early as possible.
The

KARACHI: The State Bank of Pakistan (SBP) has made it mandatory for primary dealers to offer Investor Portfolio Securities (IPS) accounts to investors in a bid to encourage more investment in the faltering economy.
In addition, the central bank has instructed scheduled banks to tap alternate investor bases, including individual investors and shifting focus away from banks.
According to SBP, the move would widen the investment base by promote investment by the non-banking

LAHORE: In order to control the rising inflation in the country, the State Bank of Pakistan (SBP) on Monday increased the discount rate from 13.5 percent to 14 percent.
The decision will take effect from Tuesday (today), the SBP decided in a meeting of its Central Board of Directors that was chaired by SBP Governor Shahid Hassan Kardar. The SBP showed reservations over government borrowings from the central bank, and said inflation would remain in double digits in the ongoing

KARACHI: Analysts, making conservative estimates, expect that the State Bank of Pakistan (SBP) will maintain the monetary policy rate at 13.5 percent for next two months.
The central bank is all set to announce its two-month Monetary Policy on Monday November 29, 2010. Analysts are of the view that the SBP will prefer to keep the policy rate untouched for the next two months. The government's renewed effort to raise more tax revenue, to bring the fiscal deficit down at around

KARACHI: The State Bank of Pakistan (SBP) on Wednesday notified all commercial banks, development financial institutions (DFI) and microfinance banks (MFB) on the restoration of the six-day working week from November 27, 2010.
Referring to the federal government's November 22, 2010 notification, the central bank informed banks, DFIs and MFDs that Saturday will be observed as a working day.
"As per decision of the federal government, the six day working week will be observed

KARACHI: At a time when the government is working hard to create national consensus on the imposition of reformed General Sales Tax (GST); the State Bank of Pakistan (SBP) has serious doubts whether the enlargement in the tax net would be sufficient to cater to the needs of the country in the aftermath of the devastation wrought by the floods.
According to preliminary estimates of the Ministry of Food and Agriculture (MFA), the devastating floods have inflicted massive damages

LAHORE
The SBP annual report is a revelation for both policy makers and stakeholders calling for a fresh approach to policy formulation with a new implementation mechanism with avowed aim to regain macroeconomic stability within a year.
The LCCI leadership pointed out that the underlying structural weakness of the economy, as hinted by the State Bank of Pakistan, demands strict macroeconomic discipline and systematic reforms to adress the fragility of the economy.
It

ISLAMABAD: The State Bank of Pakistan (SBP) on Wednesday submitted in the Supreme Court a list of top 50 people and companies whose loans worth Rs 62.66 billion were written-off by public and private banks in the last two years.
A three-member Supreme Court bench consisting of Chief Justice Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalilur Rehman Ramday was hearing a suo motu case on waiving off of bank loans worth Rs 256 billion during the period from 1971