The State Bank of Pakistan (SBP) has launched an initiative under its Regulatory Sandbox to promote inward remittances and foster innovation in the financial sector. The move is part of the bank’s broader Vision 2028 strategy. In a circular issued on Monday, the SBP outlined the themes for the first cohort under its Regulatory Sandbox initiative. The focus will be on three key areas: technol
Pakistan’s IT exports reached an all-time high of $354 million in July, marking a 24 per cent year-on-year (YoY) and a 5pc month-on-month (MoM) rise. This figure surpasses the 12-month average of $317m, highlighting the sector’s growth. Sani Irfan of Topline Securities noted that export proceeds per day for July stood at $15.4m, compared to $17.8m in June. The overall increase was largely d
Credit-rating firm Fitch on Monday maintained its long-term foreign-currency issuer default rating on India at ‘BBB-’, citing the country’s strong economic growth and resilient external finances. “India’s economic outlook remains strong relative to peers, even as momentum has moderated in the past two years,” Fitch said in a statement. The agency forecast GDP growth of 6.5 per cent for the f
Extending the bullish spell for the ninth straight week, the KSE-100 index posted a solid gain of over 2 per cent, closing at 149,493 points, buoyed by strong buying interest and an influx of mutual fund investments. The positive momentum came despite political uncertainties and a volatile market environment. During the week, foreign inflows into mutual funds stood at $55.5m, contributing signi
Currency dealers in the banking market have reported a sharp 50 per cent decline in dollar sales by money changers this month, amid concerns that the grey market has re-emerged, buying dollars at higher prices. Dealers indicated that while remittance inflows remain unaffected, with July witnessing $3.2 billion in transfers, the drop in open market sales could destabilise the exchange rate. M