SBP – Page 20 – AsiaNet-Pakistan

February 11, 2019

Overseas Pakistanis remit US $12.77 billion in the first seven months of FY19

Karachi, February 11, 2019 (PPI-OT): Overseas Pakistani workers remitted US$ 12774.02 million in the first seven months of FY19 as compared with US$11383.47 million received during the same period in the preceding year.

During January 2019, the inflow of workers’ remittances amounted to US$ 1743.25 million, which is 0.3% lower than December 2018 and 6.4% higher than January 2018. The country wise details for the month of January 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US$ 403.92 million, US$ 352.12 million, US$ 272.32 million, US$ 295.13 million, US$ 166.50 million and US$ 42.89 million respectively compared with the inflow of US$ 383.91 million, US$ 351.58 million, US$ 223.94 million, US$ 235.10 million, US$ 186.33 million and US$ 56.4 million respectively in January 2018.

Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during January 2019 amounted to US$ 210.36 million together as against US$ 201.46 million received in January 2018.

For more information, contact:
Chief Spokesman,
State Bank of Pakistan (SBP)
Central Directorate
I.I. Chundrigar Road, Karachi, Pakistan
Tel: +92-21-111-727-111
Tel: +92-21-39212562
Fax: +92-21-39212433 – 39212436
Email: chief.spokesperson@sbp.org.pk
Website: www.sbp.org.pk

February 9, 2019

Harnessing technology platforms is the way forward for enhancing agricultural productivity: Governor State Bank of Pakistan

Karachi, February 09, 2019 (PPI-OT): “I would urge the stakeholders including banks, federal and provincial governments to harness technology platforms for enhancing agricultural productivity”, said Tariq Bajwa, Governor State Bank of Pakistan while presiding the mid-term review meeting of Agricultural Credit Advisory Committee (ACAC) held in Hyderabad on 7th February, 2019.

“Holding ACAC meetings at various locations shows our commitment for promoting agricultural financing in all regions, especially in underserved areas. While, previous meetings were held in Baluchistan and AJK, we are convening this meeting for the first time in Hyderabad to provide impetus for agricultural finance in the region”, expressed Governor in his inaugural remarks. While reviewing the progress on agricultural credit during July-December 2018, the Governor appreciated the efforts of banks in promoting agricultural finance.

The Governor shared that during the first half of FY 2018-19, banks have disbursed Rs. 527.3 billion, which is 42.2% of the total assigned target for FY 2018-19, and 22% higher than the disbursement made during the same period last year. The outstanding portfolio of agri. credit also increased to Rs. 521 billion at end December 2018 from Rs. 442 billion last year, witnessing a growth of 17.9%. Moreover, the number of outstanding borrowers also increased to 3.90 million at end December 2018 from 3.46 million last year, with a growth of 12.8%. The Chair also appreciated the efforts of microfinance banks and institutions in providing financing to small and marginalized farmers.

Governor Bajwa, pointed out that despite witnessing reasonable progress during FY 2018-19, the industry still faces various demand and supply side challenges. In particular, he highlighted the geographical disparities in provision of agri. credit as the disbursements in KPK, Balochistan and GB which still remain far from their respective targets. Like-wise, banks were advised to pay special focus on production loans for small farmers. He also emphasized banks to enhance their outreach in terms of agricultural infrastructure by hiring agriculture credit officers. The Governor also highlighted the efforts of Islamic banks in achieving a growth of 80% in disbursement during July-December 2018 compared to the same period last year, however, their share in total disbursement still remains less than 3% in overall agri. credit.

The Governor urged banks to address these issues by adopting a more focused approach especially towards the underserved areas for achieving Rs. 1,250 billion agri. credit target for FY 2018-19 while bringing a qualitative shift in agri. financing. He also urged Islamic banks and Islamic windows of commercial banks to play an active role in expanding outreach in potential areas particularly to faith sensitive farming community.

The inaugural remarks of the Governor were followed by a detailed presentation wherein the performance of banks on agri. financing during the first half of FY 2018-19 was reviewed against their targets and potential areas of concerns were also highlighted. The committee was also apprised by renowned agri. professionals and representatives of banks on various innovative initiatives in agri. financing including (i) adoption of land record management information system for agri. financing in Punjab, (ii) promotion of high value crops, (iii) developing E-platform for provision of quality agri. Inputs, and (iv) women empowerment through value chain financing for livestock/dairy in Gilgit Baltistan.

The meeting was attended by senior officials of SBP, presidents and senior executives from commercial, specialized, Islamic, and microfinance banks and institutions, representatives of federal and provincial governments, and provincial chambers of agriculture.

January 29, 2019

State Bank of Pakistan Governor’s Press Conference on Monetary Policy

Karachi, January 29, 2019 (PPI-OT): The meeting of the Monetary Policy Committee (MPC) will be held on Thursday, January 31, 2019 in Islamabad, followed by the press conference to be addressed by the SBP Governor Mr. Tariq Bajwa to unveil Monetary Policy decision.

January 14, 2019

State Bank of Pakistan expands scope of National Financial Literacy Program to all over Pakistan

Karachi, January 14, 2019 (PPI-OT): In order to create awareness about the National Financial Literary Program (NFLP) and more specifically, sensitize the masses regarding the on-ground execution, a dedicated NFLP mass media campaign is being launched from January 15, 2019 through print, radio and social media.

It is important to mention here that the program launched on pilot basis from August 2017 in 77 districts of the country, has now entered into the second year of implementation. The scope of the project has been extended to all 158 districts of the country. The education on different financial themes like budgeting, savings, investments, debt management, consumers’ rights and obligations, Islamic banking, branchless banking and currency management is imparted through dedicated half-day class room trainings.

SBP is implementing NFLP as one of its flagship programs to provide basic financial education to unbanked and low-income strata, especially the youth and women. The program is funded from Asian Development Bank’s ‘Improving Access to Finance Facility’ and is being rolled-out in different phases to complete its objective of reaching one million beneficiaries in 5 years, through a unique public private model, which engages banking institutions and SBP-BSC field offices to impart NFLP messages in far-flung areas of Pakistan.

NFLP aims to empower public to make better and effective decisions regarding the use of financial and allied services. Further, it will enhance competitiveness, foster innovations and increase efficiency of the financial industry to provide better financial services to financially educated citizens. A dedicated NFLP toll free helpline and a dedicated website would also be launched from January 15, 2019 to facilitate public in getting information about the program, its features, schedule of ground iterations or any other information they deem require.

January 10, 2019

State Bank of Pakistan wins the global award as the best Central Bank in Promoting Islamic Finance

Karachi, January 10, 2019 (PPI-OT): State Bank of Pakistan (SBP) has won the global award as the best Central Bank in promoting Islamic finance for the year 2018. The coveted award is conferred by Islamic Finance News (IFN), an arm of REDmoney Group, Malaysia. IFN Best Banks Poll is regarded as one of the most prestigious accolades in the Islamic finance industry. The IFN Award as the best central bank for promotion of Islamic finance is the global endorsement of SBP initiatives for promotion of Islamic banking in the country.

The award reflects an international recognition of the strategic measures which SBP is undertaking to put in place a robust policy environment for Islamic banking to prosper. The category of the Best Central Bank in Promoting Islamic Finance is always one of the most closely fought contests with regulators battling for the supremacy through exceptional advances made, during the year, in the ﬁeld of regulation and standardization. SBP is honored to have won this award for the third time in last four years.

Previously, SBP was bestowed with this coveted award earlier in 2015 and 2017. Islamic banking industry in Pakistan has witnessed an impressive growth in 2018 with its assets reaching 12.9% of banking sector and deposits accounting for 14.8% of the total banking industry deposits. “The support of Pakistan’s central bank is driving progress in the wider Islamic banking sector, and the country’s Shariah compliant institutions are posting impressive results”, IFN quoted.

It may be noted that the last year continued to see growing interest from the players wherein industry footprints kept on enlarging with two new institutions getting license to offer Islamic banking products and services. SBP also introduced Shariah compliant version of Long Term Financing Facility (LTFF) enabling Islamic banking customers to avail subsidized financing from Islamic banks for setting up export oriented projects.

Certain measures were also undertaken to augment the regulatory framework for Islamic banking industry besides taking initiatives for enhancing capacity levels to facilitate development of human resource for this ever growing market. It is pertinent to mention that Islamic banking industry in Pakistan is also receiving continued support of the Government of Pakistan.

January 10, 2019

SBP denies news item regarding 18 undeclared bank accounts

Karachi, January 10, 2019 (PPI-OT): State Bank of Pakistan categorically denies a news item published in a leading English language newspaper relating to the bank accounts of Pakistan Tehreek-i-Insaf (PTI) to the Election Commission of Pakistan (ECP).

SBP neither maintains the database of banks’ individual accountholders nor possesses any related information / record thereof. Banks being the custodian of customers’ information may directly provide this information to various agencies, on case-to-case basis, as per procedure laid down under the respective laws. Therefore, it is out of question that SBP has reported 18 undeclared bank accounts of PTI out of total 26 to the ECP as reported by a English language newspaper.

In fact, during July 2018 ECP approached SBP for assistance to obtain the bank accounts related information of PTI from 2009 to 2013 as per Commission’s mandate enshrined in the Constitution of Islamic Republic of Pakistan and the Election Act, 2017. SBP while discharging of its duties advised all banks to provide the required information / data directly to ECP by due date, as per procedure laid down under the law.

January 10, 2019

Overseas Pakistanis remit US $10.7 billion in the first half of FY19

Karachi, January 10, 2019 (PPI-OT): Overseas Pakistani workers remitted US$ 10718.78 million in the first half (July to December) of FY19, showing a growth of 10% compared with US$ 9744.75 million received during the same period in the preceding year.

During December 2018, the inflow of workers’ remittances amounted to US$ 1690.18 million, which is 5.07% higher than November 2018 and 1.93% lower than December 2017. The country wise details for the month of December 2018 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US$ 414.84 million, US$ 341.58 million, US$ 262.83 million, US$ 247.06 million, US$ 171.56 million and US$ 45.62 million respectively compared with the inflow of US$ 431.97 million, US$ 396.74 million, US$ 234.76 million, US$ 223.30 million, US$ 188.76 million and US$ 54.87 million respectively in December 2017. Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during December 2018 amounted to US$ 206.69 million together as against US$ 193.17 million received in December 2017.