state bank of pakistan Archives

Inflation in Pakistan Likely to Rise Again This Ramadan

27Feb

By Tahreem Akram1 Comment

Business

Inflation in Pakistan Likely to Rise Again This Ramadan

Inflation in Pakistan is expected to rise again during Ramadan, despite the country's recent economic progress. Ministry of Finance has released its Monthly Economic Update Outlook Report, highlighting significant improvements in key financial indicators over the first seven months of current fiscal year. Key Economic Indicators Report shows that export industries expanded, inflation eased, and financial stability improved due to policy rate reductions and a surge in remittances. From July to January, remittances increased by 31.7%, reaching $20.84 billion. Experts expect further growth in remittances during Ramadan, Eidul Fitr, and Eidul Adha, with total volume potentially hitting a record $35 billion by June. Foreign direct investment (FDI) surged by 56%, reaching $1.52 billion...

SBP Unveils Plans for New Secure Currency Notes

The State Bank of Pakistan (SBP) has announced plans to introduce a new series of currency notes across all denominations. However, this move is aimed at enhancing security features and combating counterfeit currency circulation in the country. The State Bank of Pakistan (SBP) Governor, Jameel Ahmed, announced that the central bank has decided to introduce new currency notes across all denominations. The aim is to boost security features and combat the circulation of counterfeit currency within the country. New notes will be in the loop from March 2024. During an informal discussion with journalists, Governor Jameel Ahmed shared the plan to revamp the entire currency system in Pakistan, targeting the issue of black money. This decision reflects the central bank's commitment to addre...

State Bank of Pakistan explains How to open “Asaan Mobile Account”

State Bank of Pakistan has introduced a new type of bank account as the “Asaan Mobile Account”. The word “Asaan” means easy and the account holds the basic features of any usual bank account. This new Bank account type is created for people who cannot open up standard accounts in any bank in Pakistan. As we know, opening a bank account in any Bank requires proof of employment or proof of source of income. However, the Asaan Mobile Account does not require any such proof and allows anyone to open up a bank account for transactions. The account only requires a mobile number to set up. Asaan Mobile Account (AMA) will serve as a platform for low-income individuals. Moreover, the program is undertaken by the State Bank of Pakistan as well as the Pakistan Telecommunication Authority (PTA). T...