SBP releases Annual Report on The State of Pakistan’s Economy
Tuesday, January 07, 2020
State Bank of Pakistan has released its Annual Report on The State of Pakistan’s Economy for the fiscal year 2018- 19. According to the report, several policy measures were taken during the year to manage the twin deficits crisis. In particular, adjustment of exchange rate to market fundamentals, curtailment in public sector development expenditure, and increase in energy prices helped contain demand pressures, leading to a welcome reduction in the current account deficit. In this process, however, the large-scale manufacturing sector faced contraction and inflation increased. SBP continued to maintain tight monetary conditions to manage demand and anchor inflation expectations. The SBP’s monetary policy committee (MPC) increased the policy rate in all six decisions during the year, by a cumulative 575 bps.
Governor State Bank inaugurates conference on AML-CFT & trade-based money laundering
Tuesday, January 07, 2020
While inaugurating the conference on Anti-Money Laundering (AML)/ Combating Financing of Terrorism (CFT) and Trade-Based Money Laundering (TBML), Dr. Reza Baqir, Governor State Bank stated that significant progress has been made between May and September 2019 to meet the action plan items set by Financial Action Task Force (FATF) in different areas to demonstrate effectiveness of AML safety regime of Pakistan. “There was a major rethink of the approach being taken by the authorities in early to mid 2019. Consequently, a number of steps were taken to significantly strengthen our approach to making progress on these issues,” the Governor said. He however, stressed for the need of putting more effort to make progress on remaining areas to ensure that Pakistan is out of grey list in the next meeting of FATF.
Launching of National Payment Systems Strategy
Monday, January 06, 2020
Dr. Reza Baqir, Governor, State Bank of Pakistan launched the National Payment Systems Strategy (NPSS) in an event held at SBP, Karachi. President of the World Bank, Mr. David Robert Malpass was the Chief Guest at the event that was attended by key stakeholders including regulators, government entities, banks, telcos, Electronic Money Institutions (EMIs), Payment System Operators (PSOs) and Payment Service Providers (PSPs) and other Fintechs.
Commemorative coin at 550th birth anniversary of Baba Guru Nanak unveiled
Sunday, January 05, 2020
Governor SBP Dr. Reza Baqir unveiled the commemorative coin of Rs.550 to mark the 550th birth anniversary of Baba Guru Nanak at State Bank of Pakistan. A delegation of Sikh Community led by Sardar Ramesh Singh Khalsa, Patron in Chief Pakistan Sikh Council & Member Prime Minister’s Taskforce for Evacuee Trust Property Board, comprising members of Pakistan Sikh Council and Baba Guru Nanak Darbar also attended the ceremony.
Governor SBP for strengthening the quantity and quality of credit to agriculture sector
Saturday, January 04, 2020
Governor State Bank of Pakistan, Dr. Reza Baqir, appreciated the banks for their efforts in increasing the bank credit to the agriculture sector, which reached its historical high by end of FY19. ‘It is for the first time in Pakistan’s history that credit to the agriculture sector has surpassed one trillion rupees,’ said the Governor in his keynote address. He was chairing the annual meeting of the Agricultural Credit Advisory Committee (ACAC) held in Peshawar, KPK as part of SBPs continued efforts to enhance agriculture credit in the underserved provinces and regions.
Governor SBP shares developments in financial inclusion and roadmap with Queen Maxima
Thursday, January 02, 2020
Her Majesty (HM) Queen Maxima of the Netherlands in her role as the UN Secretary General’s Special Advocate for Inclusive Finance for Development (UNSGSA) called on Dr. Reza Baqir, Governor State Bank of Pakistan at Islamabad. The Special Advocate and Governor Baqir discussed how inclusive financial technology (fintech) and digital finance represent a great opportunity to improve people’s financial lives, while noting it is important to consider and mitigate risks associated with it.