The benchmark Karachi Interbank Offered Rate (Kibor) has again started crawling up as chances of a reduction in the key interest rate by the State Bank of Pakistan in its monetary policy review on Jan 29 seem unlikely due to elevated inflationary pressures. Kibor is a market-determined average interest rate at which banks lend to one another in the interbank market. It has stayed higher during
In a significant move towards enhancing the transparency of the foreign exchange market, the State Bank of Pakistan (SBP) has decided to introduce a centralised trading platform called ‘FX Matching’, creating a more inclusive digital financial ecosystem. “Effective Jan 29, 2024, it will be mandatory for ADs (banks) to use FX Matching or FXT Dealing for executing outright interbank FX transactio
NayaPay, a local fintech platform, has partnered with international player Alipay+ to provide money transfer services and e-wallets, bank apps to facilitate the incoming foreign exchange flows as well as integrating the cashless payment systems of global markets and Pakistan. NayaPay customers can deploy QR codes compatible with both RAAST and Alipay+ payment partners, and this alliance is spec
While still in the government, the Petroleum Division has announced the nomination of Caretaker Finance Minister Dr Shamshad Akhtar as chairperson of the board of directors of the state-owned Sui Southern Gas Company Ltd (SSGCL) for another three-year term.“In recognition of her professional dedication and unwavering efforts, the government had nominated Dr Shamshad Akhtar for another tenure as ch
The federal cabinet on Tuesday formed a new inter-ministerial committee to come up with final recommendations on restructuring the Federal Board of Revenue (FBR) within a tight deadline of four days to minimise differences among different tax groups. The proposed reforms were developed in closed-door consultation with a select group of people led by Caretaker Finance Minister Shamshad Akhtar. I