The Governor of the State Bank of Pakistan (SBP), Jameel Ahmed, announced on Wednesday that the central bank will replace all current currency notes ranging from Rs. 10 to Rs. 5,000 by the end of this year. The new notes will be made from polymer, which is a type of plastic. Governor Ahmed shared this…
The State Bank of Pakistan (SBP) has introduced a new facilitation framework designed to streamline the process of delivering financial assistance to beneficiaries of the Benazir Income Support Program (BISP). This initiative aims to ensure that BISP beneficiaries receive their financial aid directly into their bank accounts. Under this framework, approximately 9.3 million BISP beneficiaries…
The government is thinking about a new tax plan that might affect banks. They might add 10% to 16% more tax on banks that don’t lend enough to private businesses. This is to encourage banks to give more loans to businesses. It could help businesses, especially when borrowing money becomes cheaper. The State Bank of…
To make it easier for people to pay their taxes, the State Bank of Pakistan (SBP) has decided that banks open on Saturdays will have longer banking hours this weekend. The SBP announced that these banks will stay open until 4:00 pm on both Saturday (March 30) and Sunday (March 31). This extension is specifically…
The State Bank of Pakistan (SBP) has dismissed speculations circulating in the news regarding the issuance of polymer currency notes, affirming its commitment to traditional paper-based banknotes. Recent controversies arose concerning misprinted banknotes in Karachi, prompting the SBP to clarify that such occurrences are inherent risks in large-scale currency production. Earlier, the SBP announced plans…