The State Bank of Pakistan (SBP) has announced that banks will remain closed for public dealing on Monday for the deduction of Zakat. According to SBP, all employees will attend the office on March 3. Ramazan timings Separately, the central bank announced office hours to be observed by all banks, development finance institutions and microfinance banks during Ramazan. According to the circu
The Policy Board of the Securities and Exchange Commission of Pakistan (SECP) on Saturday approved the proposed amendments to the Modaraba Companies and Modaraba (Floatation and Control) Ordinance 1980. The amendments were initially introduced in the National Assembly in July 2020 through the Modaraba Ordinance (Amendments) Bill 2020 and received approval from the Standing Committee on Finance
The government is upgrading the National Maritime Policy to be valid until 2047. However, key inputs and coordination from other ministries and provinces could delay its enforcement. The Ministry of Maritime Affairs has commenced the consultation process with all relevant stakeholders to formulate the upgraded maritime policy. One of the key targets of the National Maritime Policy (NMP) 2025
Exports to European countries grew 9.86 per cent in the first seven months of the current fiscal year from a year ago mainly due to higher shipments to western states. In absolute terms, Pakistan’s exports to the European Union (EU) reached $5.345 billion in July-January FY25 from $4.865bn last year, according to data compiled by the State Bank of Pakistan. The export resurgence was due to a
Amid growing concerns over Pakistan’s cash-dominated economy, bankers at a recent summit in Karachi called for a comprehensive digital policy to complement fiscal and monetary policies, paving the way for a more inclusive financial system. While Pakistan’s banking sector remains highly profitable due to heavy investments in government securities, speakers at the summit emphasised the urgent nee