The central bank said that it has also significantly revised its forecast for remittances for CY20, from an initial projection of a 23 percent decline to a growth of 9 percent.
Despite this favorable environment, the declining trend in the private credit, which had started from the third quarter of FY19, continued in Q1-FY21, stated the report.
The total imports from China during July-November (2020-21) were recorded at $4523.671 million against the $4025.183 million during July-November (2019-20).
I want to thank our great asset, Overseas Pakistanis. MashaAllah funds sent by them through Roshan Digital Accounts created by SBP crossed $200 mn yesterday," PM tweeted.
Roshan Digital Account provides innovative banking solutions for millions of non-resident Pakistanis (NRPs).
As per the central bank's latest data, so far in FY21, the current account surplus has reached $1.6 billion compared to a deficit of $1.7 billion recorded over the same period last year.
At $13.1bn, FX Reserves are now at their highest level in 3 years.
Under its Rozgar scheme for protecting businesses and employees working with them from the impact of COVID-19, the central bank has so far approved Rs 238.2 billion for 2,958 businesses.
As per the notification, National Prize Bonds of Rs. 25,000 denomination shall not be sold with immediate effect and will not be encashed / redeemed after 31st May 2021.
The use of e-Banking Channels has witnessed an increase as transaction rise by 25 percent in value and 23 percent in volume in the 1QFY21 as compared to 4QFY20, according to the State Bank of Pakistan (SBP).
The central bank shared data from the Pakistan Bureau of Statistics, showing a sharp recovery of Pakistan’s exports during the year, marred by the coronavirus pandemic.
The central bank has decided to make it mandatory for all banks/ MFBs/ DFIs to construct ramps at all newly opened and existing place of business (excluding Mobile Banking Units) to make it accessible for persons with disabilities and wheelchair users.
On the inflation front, recent out-turns have been on the higher side, primarily due to increases in food prices.
As per SBP, exports have recovered to their pre-COVID monthly level of around $2 billion in September and October, with the strongest recovery in textiles, rice, cement, chemicals, and pharmaceuticals.
The analyst said that the SBP has forecasted headline inflation of 7-9pc, according to which the real interest rate is 0-2pc on a forward-looking basis which will probably be maintained.
The SBP report informed that amid COVID-19 businesses shift towards improving their online presence and as a result, the e-commerce market in FY20 is estimated to have expanded to Rs 234.6 billion, up 55.5 percent on YoY basis.
Within the digital payments, ecommerce transactions made via branchless banking channels more than doubled from last year.