Tag Archives: Sbp

SBP widens investment base for govt marketable securities

SBP widens investment base for govt marketable securities

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

SBP increases discount rate to 14 percent

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

SBP to keep policy rate ‘intact’ at 13.5pc

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

SBP confirms restoration of six-day working week

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

SBP views GST as inadequate measure

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

LCCI calls SBP annual report an ‘eye-opener’

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

SBP declares list of top 50 write-offs by banks

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

SBP clears issuance of the ‘biggest’ CAA sukuk bonds

KARACHI: The State Bank of Pakistan has approved the biggest ever issuance of Sukuk bonds worth over Rs 30 billion against the assets of Civil Aviation Authority, Pakistan Today has learnt from reliable sources.
The move came after the Ministry of Finance and Sindh settled their long dispute over the imposition of stamp duty on conversion of assets into the bonds. According to sources, this would be Pakistan’s biggest sukuk bonds issuance, as the central bank was likely to

LHC directs SBP to submit loan write offs list

Lahore
Lahore High Court (LHC) has ordered the State Bank of Pakistan (SBP) to submit the list of individuals whose loans were written off by commercial banks in the last 40 years.
State Bank of Pakistan Assistant Chief Manager Zahid Pervez appeared in the court of Chief Justice Khawaja Muhammad Shairf and requested an extension for submitting the list. Pervez submitted that he had only received a copy of the petition the day before and had forwarded it and sent it to SBP

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