SBP

State Bank of Pakistan (SBP)

May 1948 was the day when Muhammad Ali Jinnah (Founder of Pakistan) took steps to establish the State Bank of Pakistan immediately. These were implemented in June 1948, and the State Bank of Pakistan commenced operation on July 1, 1948.

At the time of its formation, the SBP neither had any building for housing its offices nor was there sufficient time for purchase and construction of new premises. Therefore, Victoria Museum Building at the Ingle Road was rented from the Karachi Municipal Corporation and swiftly refurbished. The Bank was inaugurated on July 1, 1948 by Quaid-e-Azam Muhammad Ali Jinnah, who thus observed on the guiding principles of the newly-created central bank.

SBP has been witness to various historic moments. The State Bank itself was inaugurated by Quaid-i-Azam Muhammad Ali Jinnah on 1st July, 1948. In the end I thank you, Mr. Governor, for the warm welcome given to me by you and your colleagues, and the distinguished guests who have graced this occasion as a mark of their good wishes and the honor your have done me in inviting me to perform this historic opening ceremony of the SBP which I feel will develop into one of our greatest national institutions and play its part fully throughout the world.”

SBP releases half-yearly report on country’s economy

KARACHI: The State Bank of Pakistan (SBP) on Friday released its half yearly report on… Read More

SBP responds to rumours about Rs75 banknote, Rs10 coin

KARACHI: The State Bank of Pakistan (SBP) has responded to the rumours about the discontinuation… Read More

SBP’s foreign exchange reserves inch up to $4.46bn

KARACHI: Foreign exchange reserves held by State Bank of Pakistan (SBP) rose by $30 million… Read More

Banks to open on April 29, 30 to facilitate tax collection

KARACHI: All authorised branches of banks will open on April 29 and 30, 2023 (Saturday… Read More

Pakistan reports current account surplus of $654 in Mar 2023

Islamabad: The Current Account Balance (CAB) of Pakistan posted a massive surplus of $654 million… Read More

Punjab Elections: No funds received from SBP, SC told

ISLAMABAD: The Election Commission of Pakistan on Tuesday submitted a report to the Supreme Court… Read More

Punjab elections: Last date for SBP to release funds

ISLAMABAD: Today is the last date for the State Bank (SBP) to release funds for… Read More

Pakistan receives $300m from China

The country’s foreign exchange reserves were increased after Pakistan received $300 million from China, citing… Read More

SBP to launch Rs50 commemorative coin

KARACHI: The State Bank of Pakistan (SBP) will launch a Rs50 Commemorative Coin on Friday… Read More

Eidul Fitr: SBP issues statement about fresh currency notes

KARACHI: The State Bank of Pakistan (SBP) on Thursday announced that it will not issue… Read More

Pakistan’s remittances up27.4% to $2.53bn in March

KARACHI: Remittances sent by overseas Pakistani workers registered an increase to 27.4pc MoM $2.53 billion,… Read More

SBP’s foreign exchange reserves continue to decline

KARACHI: The foreign exchange reserves held by State Bank of Pakistan (SBP) decreased by $36… Read More

SBP jacks up interest rate to 21pc

KARACHI: The State Bank of Pakistan (SBP) on Tuesday raised the monetary policy rate by… Read More

SBP likely to raise interest rate to unlock IMF loan programme

KARACHI: State Bank of Pakistan (SBP) is likely to raise the interest rate by 2… Read More

SBP’s foreign exchange reserves decrease by $354m

KARACHI: The foreign exchange reserves held by State Bank of Pakistan (SBP) decreased by $354… Read More

Banks to receive Hajj applications on Saturday, Sunday

KARACHI: The State Bank of Pakistan (SBP) on Friday announced that all designated bank branches… Read More

SBP announces bank timings for Ramazan 2023

KARACHI: The State Bank of Pakistan (SBP) on Wednesday announced the timings to be observed… Read More

SBP likely to jack up interest rate to unlock IMF loan

ISLAMABAD: State Bank of Pakistan (SBP) is likely to raise the interest rate by 2… Read More

Textile sector on verge of default, APTMA writes to gov SBP

All Pakistan Textile Mills Association (APTMA) has warned that the textile sector is on the… Read More

SBP receives $500mln from Chinese bank

ISLAMABAD: Finance Minister Senator Ishaq Dar on Friday said that the State Bank of Pakistan… Read More