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SBP poised to hold rate as economic headwinds persist
Business
March 17, 2021
KARACHI: The State Bank of Pakistan (SBP) is likely to keep its policy rate on hold this week to continue to support an economy struggling with surging coronavirus cases, and wary of increasing inflationary pressures, analysts forecast on Tuesday.
The central bank left interest rates unchanged at 7 percent for a third consecutive meeting in January after slashing them five times last year by a total of 625 basis points (bps).
The SBP’s Monetary Policy Committee (MPC) will meet to review rates on March 19 (Friday).
A majority of analysts surveyed sees the policy rate to remain steady in the upcoming meeting in light of forward guidance given by the MPC on the monetary policy. The policymakers, in the last statement, clearly indicated to keep rates on hold in the near term until there are clear signs that the economy is recovering.
Roshan Digital Account for overseas Pakistanis crosses 100,000 accounts, attracts $671m
14 Mar 2021
Tariq Butt,
Correspondent
The Roshan Digital Account (RDA) launched in September last year for overseas Pakistani has crossed 100,000 accounts and attracted $671 million, the State Bank of Pakistan (SBP) said in a tweet.
It said the accounts have been opened by overseas Pakistanis from over 100 countries, indicating the increasing reach of the RDA and helping the government and the central bank improve the external account of the country.
The RDA, inaugurated by Prime Minister Imran Khan on Sept.10, 2020, was a joint effort of the SBP and the federal government in collaboration with commercial banks operating in Pakistan. The main purpose of the RDA is to attract millions of Pakistanis living abroad by offering much higher returns on deposits than those in developed economies.
Roshan digital account attracts $671m in six months - Newspaper dawn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dawn.com Daily Mail and Mail on Sunday newspapers.