Tag: State Bank of Pakistan

Pakistan gets $1.39b from IMF to shore up economy

Pakistan has received $1.39 billion by the International Monetary Fund (IMF) to shore up economy, according to the State Bank of Pakistan’s tweet. This is a loan under the Rapid Financing Instrument. It was approved by the IMF on April 17 to bolster the economy during the COVID-19 pandemic. It is expected to meet urgent balance of payment needs that have arisen due to the pandemic.

Online fund transfers made free to limit bank visits

To contain the spread of the coronavirus, the State Bank of Pakistan (SBP) has asked banks to waive charges on any online fund transfers. SBP has instructed banks to waive all charges on fund transfers through online banking channels such as inter-bank fund transfer. They will also not incur any cost in case of using ATMs or visiting bank branches to transfer large amounts and can avoid the use of cash.

NBP receives complete £190m settlement from UK in Malik Riaz case

A total of 190 million pounds from UK’s National Crime Agency (NCA) have been received by National Bank of Pakistan (NBP) on account of a settlement with property tycoon Malik Riaz Hussain’s family. The State Bank of Pakistan confirmed the news but declined to share details. However, the debate about whether the funds belong to state bank or the government is still ongoing.