The State Bank of Pakistan (SBP) reported that the country’s current account remained in surplus for the fifth consecutive month, with a $582 million surplus recorded in December 2024. According to the SBP statement, the cumulative current account surplus for the first half of the fiscal year 2024 reached $1.21 billion. In November 2024, the […]
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The State Bank of Pakistan has released monthly and semi-annual data on workers’ remittances, showing that overseas Pakistanis sent $17.84 billion from July to December 2024, setting a new record. In December 2024 alone, remittances amounted to $3.1 billion, marking a 5.6% month-on-month and a 29.3% year-on-year increase. During the first half of fiscal year […]
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Karachi: The State Bank of Pakistan and all commercial banks have declared a public holiday for January 1, suspending public transactions for the day. According to a statement issued by the State Bank, no public transactions will be carried out in banks on January 1. However, bank employees will report to work as per their […]
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The State Bank of Pakistan (SBP) has announced a 2% reduction in the policy rate, bringing it down to 13%. According to the SBP, inflation in November stood at 4.9% year-on-year, aligning with expectations. However, inflation expectations among consumers and businesses remain mixed. The central bank stated that recent economic data points to improved growth […]
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The Saudi Development Fund has extended the $3 billion deposit provided to Pakistan for another year. According to a statement issued by the State Bank of Pakistan, the deposit, initially provided in 2021, was set to expire today but has now been extended. The statement highlighted that this marks the third extension of the deposit, […]
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Karachi: The State Bank of Pakistan (SBP) has instructed designated banks to remain operational over the weekend to facilitate the submission of Hajj applications. Banks will stay open until 2:30 PM on both Saturday and Sunday, ensuring uninterrupted processing of applications until the December 3 deadline. According to an SBP spokesperson, this step aims to […]
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Karachi: The Pakistani Rupee (PKR) showed strength this week, with the US Dollar and other major currencies experiencing a slight decline in both interbank and open markets. In the interbank market, the US Dollar fell by 7 paisas, closing at PKR 277.67 from the previous PKR 277.74. Similarly, in the open market, the Dollar dropped […]
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