ISLAMABAD : According to Julie Kozack, director of communications for the International Monetary Fund (IMF), Pakistan will get $1.3 billion in installments over 28 months under the Resilience and Sustainable Facility (RSF). During a press conference, Kozack stated that the staff-level agreement mentions $1.3 billion for the RSF for theRead More →
The State Bank of Pakistan (SBP) has verified that fresh, crisp banknotes would be available for Eid, denying reports that no new notes were created this year. According to SBP officials, commercial banks throughout Pakistan have already received Rs 27 billion in new currency notes, making them available to theRead More →
The State Bank of Pakistan’s (SBP) foreign exchange reserves increased marginally on a weekly basis, according to central bank statistics released on Thursday.According to the most recent SBP statistics, the SBP’s foreign currency reserves were $11.725 billion on January 10, an increase of $30 million from $11.695 billion on JanuaryRead More →
Mobilink Bank’s parent company, VEON Group, has invested $15 million in new capital to support the bank’s strategic initiatives, which include expanding financing for micro, small, and medium-sized enterprises (MSMEs), exploring Islamic banking services, and accelerating the bank’s transition to a digital-first model. Mobilink Bank said in a statement thatRead More →
Telenor Microfinance Bank, operator of Pakistan’s premier digital financial services platform, easypaisa, has acquired In-Principle Approval (IPA) for a Digital Retail Bank (DRB) license from the State Bank of Pakistan (SBP) under the Licensing and Regulatory Framework for Digital Banks.This outstanding achievement positions TMB as a digital bank set toRead More →
NEW YORK (Reuters) Tuesday saw a decline in the value of some US banks’ shares after S&P Global and Moody’s both lowered the credit ratings of a few regional lenders with significant exposure to the commercial real estate (CRE) market. A banking sector trying to emerge from a crisis earlierRead More →
ISLAMABAD : On Wednesday, the Pakistan Stock Exchange’s (PSX) 100-index dropped 91.34 points, or 0.22 percent, to close at 40,539.30 as opposed to 40,630.64 points the day before. The total number of shares exchanged throughout the day was 142,881,828 as opposed to 201,058,817 the day before. The price of theRead More →
ISLAMABAD: The release of Rs 60 billion in finance for Pakistan State Oil (PSO) to be able to satisfy its financial commitments was authorised at a meeting of the Economic Coordination Committee (ECC) of the federal cabinet, among other decisions. The bulk of this money will come from commercial banksRead More →
Customers of a few banks are having difficulties and experiencing inconveniences as a result of the lack of certain services, particularly at ATMs around the nation. Due to the increased demand for services including ATM, POS, cash transfers, and utility bill payments in the first week of the month, consumersRead More →
With the economy under great strain, as seen by depleted foreign reserves, a rising current account deficit, and the currency plunging to a historic low, Pakistan must act quickly to reactivate the International Monetary Fund programme in order to avert a Sri Lanka-style collapse. “In order to re-enter the program,Read More →