Pakistan
People: April to June 2022
A round-up of central bankers in the news and on the move during the past three months
Rates round-up: Israel surprises with larger hike
Central banks in Pakistan, Nigeria, Ghana, Paraguay and Jamaica also tighten policy
Pakistani governor steps down as term expires
Government chose not to renew Reza Baqir’s term
Pakistan orders 250bp hike at emergency meeting
High commodity prices, currency depreciation and political turmoil force up prices
State Bank of Pakistan launches simplified digital account
Central bank governor says Asaan Digital Account should boost women’s participation in finance
US regulators fine Pakistani state-owned bank
Central bank-owned NBP will pay more than $55 million for AML shortcomings
IMF signs off on Pakistan aid despite ‘exceptionally high’ risks
Central bank reserves are low and fiscal spending breached limits, but recovery is proving strong
Pakistan passes central bank autonomy law
Senate approval brings country closer to meeting IMF loan requirements
Pakistan’s central bank asks government to rethink Afghan scheme
Channelling donations to Afghanistan might violate international regulations, central bank warns
Pakistan confronts inflation with 100bp hike
Third consecutive increase may be last for a while, MPC says
State Bank of Pakistan hikes interest rate by 150 basis points
IMF reached “staff-level” agreement with Pakistan for long-awaited loan two days after the hike
Saudi Arabia boosts Pakistan’s reserves
Package from Saudi development fund comes as Pakistan’s balance of payments issues ease
Third parties often develop RTGS technology
Seventy-one percent of respondents said the technology underpinning their RTGS system was developed solely by a third party or in collaboration with the central bank
The winners of the 2021 FinTech RegTech Global Awards
Fourth annual tech awards recognise excellence among central banks and the firms they work with
The Belt and Road Initiative 2021 Survey – The impact of Covid‑19 on the BRI
The fourth annual Belt and Road Initiative survey reveals that the Covid‑19 pandemic has disrupted many projects despite China remaining committed to financing the initiative, which is expected to support future economic growth and environmental…
Pakistan government approves SBP autonomy law
Bill should secure central bank independence as required under IMF conditions, if it passes
SBP offers overseas Pakistanis access to digital banking services
Prime minister says he hopes the Roshan Digital Account will help channel foreign exchange to Pakistan
Iran’s race towards monetary policy reform faces high hurdle reality
The Majlis Research Center’s Tohid Atashbar says positive outcomes from the Iranian central bank’s fast-tracking of monetary policy reform – made in response to Covid-19 and US sanctions – may prove difficult to deliver
IMF approves $1.4 billion transfer for Pakistan
Aid should be used to finance budget and bolster foreign reserves, IMF executive board says
The Belt and Road Initiative 2020 Survey – A more sustainable road to growth?
The third annual Belt and Road Initiative (BRI) survey reveals that central banks view BRI investment as sustainable compared with other forms of external debt, particularly given it is often proportionally less significant. Despite growing global trade…
Transfer season
Trade frictions with the US have caused a mass industrial transfer to China’s neighbours. Zhou Chengjun, IFF Academic Committee member and inspector of the Macro‑prudential Policy Bureau of the People’s Bank of China, says that shouldn’t stop China…
People: New deputies named; UK FCA picks interim chief
Argentina and Pakistan appoint deputy governors; Christopher Woolard to serve as FCA chief
SBP looks back on tough year for Pakistan
Lack of fiscal consolidation hampered central bank’s crisis response, annual report says
Pakistan sharply increases rates on higher inflation
Central bank increases the policy rate by 100 basis points to 13.25%