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Mobile wallets reach 4.2mn in Q2 CY14 KARACHI: The number of mobile wallets has reached 4.2 million by the end of the second quarter of 2014 (April- June), registering an increase of 11 percent.The mobile wallets are banking accounts which are being opened largely by the previously unbanked population at their nearby shops which are working as branchless banking agents, said State Bank of Pakistan's (SBP) newsletter on branchless banking here on Thursday. It said that overall number of branchless banking (BB) transactions grew to 71.1 million valuing Rs 326.1 billion during the quarter; 4% higher in volume and 17% higher in value in comparison to the previous quarter. Average size of transaction stood at only Rs 4,581.The volume and average size of BB transactions is a key indicator measuring access to finance by the unbanked population in the country. The continuous growth of BB transactions reflects interest and confidence of the common man in this innovative ...

SBP injects Rs15.300bn into market KARACHI: State Bank of Pakistan (SBP) has injected Rs. 15.300 billion into the market for seven days during its open market operation (OMO).The bids offered were of Rs. 25.300 billion. The rate of return will be 9.96 percent, said SBP statement here on Friday. Copyright APP (Associated Press of Pakistan), 2014 ...
All paisa coins ceased as legal tender ISLAMABAD: All decimal coins of paisa 1, 2, 5, 10, 25 and 50 had ceased as legal tender from October 1, 2014, a spokesman of State Bank of Pakistan said on Thursday.State Bank of Pakistan had continuously reminded the general public to exchange the decimal paisa coins from the offices of SBP and commercial/microfinance banks by September 30.However, Rs 1 and above denomination coins would remain legal tender, said SBP spokesman Khubaib Usmani. Copyright APP ...
CDNS saves Rs.60bn in first quarter of current fiscal year ISLAMABAD: The Central Directorate of National Savings (CDNS) has fetched Rs.60 billion during the first quarter of current fiscal year against Rs.44 billion during the same period of previous year 2013.The CDNS has collected Rs.36 billion in month of July and August 2014 against Rs.31 billion in same months of 2013, depicting an increase of 20%,said spokesman and policy expert of CDNS Ghafoor Baloch told APP on Thursday.Replying to a question, he said the CDNS ...
SBP injects Rs 122,200mn into market KARACHI: State Bank of Pakistan (SBP) on Wednesday injected into market Rs 122,200 million for nine days during its open market operation (OMO). The bids offered were of Rs 128,700 million. The rate of return is 9.96 percent, said SBP release. Copyright APP (Associated Press of Pakistan), 2014 ...
SBP issues guidelines to banks for increasing agri-financing KARACHI: State Bank of Pakistan (SBP) has issued guidelines on value chain contract farmer financing to encourage banks to extend credit to small and marginalized farmers by leveraging on the strengths of inter-relationships that exist in the agriculture value chain.These guidelines will serve as a basis for banks to develop mutually beneficial relationship between the banks, farmers and the value-chain agent, said SBP statement here on Wednesday.Contract farming assumes an extensive number of arrangements along ...
K-Electric Signs Agreement with MCB for e-Bill Payment KARACHI: MCB Bank Limited, one of Pakistan’s largest banks and K-Electric have entered into an agreement for e-Bill payment services in MCB branches. The signing ceremony was held at the KE House.K-Electric has adopted UBCS (Utility Bills Collection System) Solution offered by MCB’s Transaction Banking Division for all Karachi branches. This will enable the Company to receive details of bills paid in MCB Bank branches in an efficient and cost effective manner, along with timely ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln