Superintendencia de Bancos de Panama (SBP)

This notification from the Finance Division establishes updated rates of return for Naya Pakistan Certificates denominated in Pakistani Rupees, US Dollars, British Pounds, Euros, Saudi Riyals, and UAE Dirhams across multiple investment tenors. It supersedes previous notifications S.R.O. 325(I)/2026 and S.R.O. 536(I)/2026 to define specific currency denominations and their corresponding returns. These revised rates become officially effective starting from the date of the State Bank of Pakistan's subsequent circular letter.

The State Bank of Pakistan has set the June 2026 remuneration rate at 2.62 percent for US dollar Special Cash Reserve Accounts maintained by authorized dealers against deposits raised under FE-Circular 25 of 1998. This notification updates previous guidelines established by BSD Circular No. 18 and DMMD Circular Letter No. 03, mandating the new percentage for monthly interest calculations. Authorized dealers must apply the revised rate to their respective accounts effective for the month of June 2026.

The State Bank of Pakistan has implemented the Non-Resident Shareholding Registration System to automate record keeping for foreign shareholdings, dividends, and disinvestment proceeds in locally incorporated companies. Authorized Dealers must report designation and share registration transactions monthly through the Data Acquisition Portal using four specific data file structures, with initial reporting due by early August 2026. Banks are additionally required to submit legacy dividend and disinvestment data in three phased waves covering 2015 to 2026, with Group Head Compliance responsible for verifying accuracy and adherence to strict submission timelines.

The Exchange Policy Department delegates the registration of repatriable shares and units issued to non-residents, along with the designation of Authorized Dealers for remitting dividend and disinvestment proceeds. This circular amends the Foreign Exchange Manual to simplify documentary requirements and incorporates standardized operating procedures to ensure industry-wide consistency. Authorized Dealers must implement these institutional changes within one month and notify their constituents to ensure strict compliance.

This regulatory directive authorizes Pakistani companies acting as intermediaries for foreign digital service providers to process remittances, provided they are not involved in inward remittance-related businesses. Applicants must meet strict documentation and audit requirements, maintain dedicated local currency accounts, and operate under specific annual remittance limits, with oversight by Authorized Dealers. All arrangements are subject to ongoing compliance monitoring, including monthly reporting to the Foreign Exchange Operations Department and immediate referral of any suspicious transactions.

Applications for remitting assets from deceased estates to non-resident beneficiaries must be submitted to the State Bank of Pakistan via a formal letter accompanied by supporting legal and residency documentation. The State Bank will authorize the credit of non-remittable funds to a blocked account held in the name of the executor or administrator within a Pakistani bank. Transfers of specifically bequeathed securities, shares, and real estate to non-resident beneficiaries require the submission of full asset particulars as part of the application process.

Institutions applying for Primary Dealer, Preliminary Primary Dealer, or Special Purpose Primary Dealer status must submit a comprehensive business plan approved by their Board of Directors or Assets & Liabilities Committee. This plan must detail institutional capital, staff experience, IT infrastructure, past performance metrics, and strategic targets for non-bank investor distribution. The State Bank of Pakistan will evaluate these submissions to gauge commitment to system goals and may negotiate specific performance targets with applicants.

The Exchange Policy Department has extended the validity of its CIF import relaxation for crude oil and petroleum products until July 10, 2026. Authorized foreign exchange dealers must promptly notify their constituents to ensure strict compliance with the updated terms originally established in March 2026. This directive applies to all import transactions processed under the CIF basis, effectively replacing previous expiration dates and streamlining regulatory oversight.

The State Bank of Pakistan’s Domestic Market & Monetary Management Department establishes the May 2026 remuneration rate for Special Cash Reserve Accounts at 2.65 percent. This fixed percentage applies to United States dollar deposits held by authorized foreign exchange dealers under FE-Circular 25 of 1998. The directive supersedes prior notifications from March 2001 and August 2023, finalizing the monthly interest calculation for these specific reserve accounts.

The State Bank of Pakistan mandates all banks,

The State Bank of Pakistan increased its Policy Rate to 11.50% and adjusted the overnight interest rate corridor. The new framework sets the overnight reverse repo ceiling at 12.50% and the repo floor at 10.50%, establishing a 200-basis-point corridor. Effective April 28, 2026, commercial banks and primary dealers must align their money market overnight rates to remain close to the updated target rate.

The State Bank of Pakistan’s Banking Supervision Department-1 issued this circular to appoint Mr. Muhammad Afzal Khattak as Director, effective April 27, 2026. The document formally notifies all banks and exchange companies of the transition while providing the Director’s specimen signature and contact details. Institutions are required to update their records and correspondence channels accordingly.

The document mandates that Authorized Dealers communicate import transaction details via the Pakistan Single Window using specific, automatically generated financial instrument numbers. It clarifies the procedures for amending, canceling, and documenting these instruments, ensuring alignment with underlying transaction expiry dates. Additionally, it establishes that prior approval from the State Bank is required for most guarantees in favor of non-residents, except for specific import-related letters of credit and SBLCs for energy imports.

These operating rules establish the comprehensive framework for the PRISM+ system, governing its participation, messaging, settlement processes, and risk management protocols for both funds and Government Securities. The document mandates strict compliance with SBP technical and operational requirements, including mandatory system certification, secure message signing, and liquidity maintenance across Settlement and Reserve Accounts. It further delineates procedures for gridlock resolution, business continuity, penalty conditions for non-compliance, and the integration of the Central Securities Depository module for auctions and secondary market transactions.

The State Bank of Pakistan authorizes its regulated banking entities to open dedicated PKR-denominated transactional accounts for Virtual Asset Service Providers licensed or holding no-objection certificates from the Pakistan Virtual Asset Regulatory Authority. Banks must verify PVARA licenses, maintain strictly segregated Client Money Accounts without cash transactions or collateral usage, and conduct enhanced due diligence alongside risk-based monitoring. The circular explicitly prohibits banks from investing or holding virtual assets with their own funds, mandates suspicious transaction reporting, and retains full regulatory responsibility for all VASP-related arrangements.

The Financial Institutions Resolution Department notifies that Muhammad Imran has assumed the charge of Director within its Banking Policy & Regulation Group. The circular provides his specimen signature and contact details to update official records for all banks, development finance institutions, and microfinance banks. This announcement formally recognizes his authority to execute regulatory directives effective immediately.

The State Bank of Pakistan’s Domestic Markets & Monetary Management Department announced that Mr. Aniq Aziz has assumed charge as Director, effective April 10, 2026. The circular provides his official specimen signature and direct contact details for all regulated financial institutions. Banks, development finance institutions, microfinance banks, and exchange companies must update their records and direct future official correspondence to the newly appointed Director.

The Exchange Policy Department has amended Chapter 7 of the Regulatory Framework for Exchange Companies to facilitate inward home remittances. The updated instructions authorize Exchange Companies to execute forward sale transactions with Authorized Dealers for remittances received within five working days. All Exchange Companies must implement these revised provisions, detailed in Appendix-A, to ensure regulatory compliance.

This policy mandates that Authorized Dealers open Exporters’ Special Foreign Currency Accounts (ESFCAs) for IT companies and freelancers, allowing them to retain up to 50% or USD 5,000 of their monthly export proceeds. Account holders can utilize these funds for various current, capital, and financial account transactions without prior approval, while banks must process outward remittances within one working day. Additionally, the requirement for IT exporters to submit 'Form R' for export receipts is abolished to streamline regulatory reporting processes.

The State Bank of Pakistan has revised Forms R, IRV, and M to align authorized dealers' foreign exchange transaction reporting with current Foreign Exchange Manual requirements. The updated formats establish a USD 25,000 threshold for Forms R and IRV while mandating immediate implementation and strict responsibility bifurcation across appendices V-7 and V-121. Authorized dealers must digitalize customer data collection under these appendices by June 30, 2026 and ensure full compliance across all constituent transactions.

The State Bank of Pakistan introduces a framework for "

The State Bank of Pakistan issued DMMD Circular Letter No. 03 of 2026 to set the April 2026 remuneration rate at 2.66% for US-dollar Special Cash Reserve Accounts. Authorized Dealers in Foreign Exchange must apply this updated rate to deposits raised under FE-Circular 25 of 1998, superseding prior circulars from 2001 and 2023. The directive standardizes returns on these central bank accounts while maintaining existing foreign exchange deposit frameworks.

This notification supersedes previous regulations to establish updated minimum denominations and rates of return for Naya Pakistan Certificates denominated in US Dollars, British Pounds, and Euros. The issuance framework specifies tiered interest rates ranging from three-month to five-year tenors across these three currencies. These revised rates of return for Naya Pakistan Certificates become effective immediately upon the date of the SBP Circular Letter.

The Exchange Policy Department has broadened eligibility for Authorized Dealers to open, operate, and maintain Foreign Currency Value Accounts (FCVA), Non-Resident Pakistani Rupee Value Accounts (NRVA), Foreign Currency Business Value Accounts (FCBVA), and Non-Resident Rupee Business Value Accounts (NRBVA). All natural and juridical persons classified as non-residents under the Income Tax Ordinance, 2001 are now permitted to hold these accounts. Authorized Dealers must implement the revised Foreign Exchange Manual provisions, adhere to applicable AML/CFT/CPF regulations, and notify their constituents accordingly.

The Government of Pakistan’s Finance Division has issued amended Naya Pakistan Certificate Rules to expand investor eligibility for both conventional and Shariah-compliant certificates. The revised criteria permit non-resident natural and juridical persons holding Foreign Currency Value, Foreign Currency Business Value, Non-Resident Pakistani Rupee Value, or Non-Resident Business Rupee Value accounts to purchase these instruments. All designated agent banks must implement these updated standard operating procedures and ensure strict compliance with the expanded eligibility framework.

The State Bank of Pakistan’s Banking Policy and Regulations Department has amended its Consolidated Customer Onboarding Framework to expand Roshan Digital Account eligibility to all non-resident natural and juridical persons, including foreign-incorporated entities. The update broadens the statutory definition of non-residents under the Income Tax Ordinance, 2001, while preserving the existing account opening process and seamless customer experience for non-resident Pakistanis. These revised instructions take effect immediately, mandating all regulated entities to implement the updated framework without delay.

The State Bank of Pakistan’s Islamic Finance Policy Department confirms that Mr. Ghulam Muhammad has assumed charge as Executive Director, Islamic Finance Group, effective March 18, 2026. The circular distributes his official specimen signature and contact details to all banks, development finance institutions, and microfinance banks. Financial entities must update their records and direct future correspondence to the newly appointed executive accordingly.

The State Bank of Pakistan’s Banking Supervision Group notified that Syed Jahangir Shah has assumed charge as Executive Director, effective March 17, 2026. The circular supplies his official specimen signature and direct contact details for all regulated financial institutions, including banks, DFIs, MFBs, and exchange companies. Institutions must update their official records to reflect this leadership transition and direct future regulatory correspondence accordingly.

The State Bank of Pakistan’s Banking Policy & Regulations Department announces that Syed Mansoor Ali has assumed charge as Director, effective March 17, 2026. This circular formally notifies all banks, development finance institutions, and microfinance banks of his appointment and provides his official specimen signature. The document also lists his direct telephone, fax, and email contacts to facilitate ongoing regulatory correspondence.

The Exchange Policy Department has authorized all foreign exchange dealers to import crude oil and petroleum products on a Cost, Insurance, and Freight (CIF) basis. This temporary measure remains valid for sixty days from the circular's issuance on March 11, 2026, to address critical domestic supply needs. Dealers must ensure their constituents comply with the updated terms by referencing Paragraph 5, Chapter 13 of the Foreign Exchange Manual.

The State Bank of Pakistan’s Domestic Market & Monetary Management Department announces a 2.67% remuneration rate for March 2026 on Special Cash Reserve Accounts (US$). This rate applies to deposits raised by authorized foreign exchange dealers under FE-Circular 25 of 1998. The notification updates previous circular guidelines to ensure consistent compensation for these reserve balances.

The Finance Division has issued updated rates of return for Naya Pakistan Certificates across Pak Rupees, US Dollars, GBP, and Euro denominations. These rates apply to investment tenors ranging from 3 months to 5 years, with specific minimum denomination requirements for each currency. These updated returns become effective starting from the date of the SBP Circular Letter.

The State Bank of Pakistan mandates revised office hours

The State Bank of Pakistan has declared a bank holiday on 1st Ramadan-ul-Mubarak, 1447 A.H., to facilitate Zakat deductions. All banks, development finance institutions, and microfinance banks must remain closed for public dealing on this date. Internal operations continue normally, with staff attending work as on a standard business day.

The Administrator General Zakat has established the Nisab for the Zakat Year 1446-1447 A.H. at Rs. 503,529. Zakat must be deducted from applicable bank accounts containing at least this amount as of the first day of Ramazan-ul-Mubarak, 1447 A.H., which is expected to be February 19th or 20th, 2026. All Zakat Collecting and Controlling Agencies are required to perform these deductions, deposit the funds immediately into Central Zakat Account No. CZ-08, and submit the corresponding Form CZ-08 returns to the Ministry.

This strategy establishes a comprehensive framework to strengthen the cyber resilience of State Bank of Pakistan-regulated entities against increasingly sophisticated and systemic digital threats. It mandates a risk-based approach across five core priorities: strengthening defenses, maturing governance, enhancing industry-wide collaboration, developing specialized cyber workforce, and evolving strategies to meet external trends. Key actionable measures include the adoption of Zero Trust Architecture, establishing a Financial Sector Computer Emergency Response Team (FinCERT), and formalizing standardized incident reporting and cyber-testing frameworks.

The State Bank of Pakistan’s Domestic Market & Monetary Management Department has set the February 2026 remuneration rate for US-dollar Special Cash Reserve Accounts at 2.67 percent. This fixed percentage applies to accounts maintained by authorized foreign exchange dealers against deposits raised under FE-Circular 25 of 1998. The directive requires all principal offices to implement the updated rate immediately for the specified month.

The Domestic Market and Monetary Management Department has reduced the average cash reserve requirement for all banks, including Islamic banking branches, to 5 percent with a daily minimum of 3 percent. This adjustment, effective January 30, 2026, responds to an improved macroeconomic environment and aims to enhance private sector lending capacity. All existing instructions regarding statutory cash reserves remain unchanged under this directive.

Authorized Dealers are permitted to remit remuneration to non-resident directors, chairmen, and Shariah personnel of SBP-regulated entities in accordance with board-approved policies. Banks must perform thorough due diligence to verify compliance with SBP remuneration instructions before processing any payments. Required documentation for these remittances includes valid SBP appointment approvals, board resolutions specifying entitlements in Pak Rupees, attendance confirmation, travel proofs, Form 'M', and tax deduction records.

This document outlines the State Bank of Pakistan’s authorized Panel of Auditors as of January 15, 2026, categorized by their eligibility to audit specific financial institutions. Category A firms are permitted to conduct audits for all banks and DFIs, while Categories B and C are restricted based on asset size and branch count thresholds. These classifications ensure regulatory compliance for auditing services provided to the banking sector.

The Exchange Policy Department has amended the Regulatory Framework for Exchange Companies to authorize digital home remittance disbursements via Raast. Exchange companies must secure prior departmental approval and complete Raast onboarding before crediting beneficiary accounts, microfinance banks, or electronic money institutions. All exchange companies are directed to disseminate these updated instructions to relevant personnel for immediate operational compliance.

This document provides an official list of eighty-three digital service provider companies that are subject to regulatory compliance requirements. It explicitly states that all affiliates and associates of these listed entities are also covered under their respective parent companies. The registry includes major global technology, software, and artificial intelligence firms, serving as a master reference for entities involved in cross-border digital service remittances.

The State Bank of Pakistan’s Domestic Market & Monetary Management Department has issued Circular Letter No. 14 of 2025 to establish the remuneration rate for January 2026. Authorized dealers must apply a fixed rate of 2.69% to US-dollar Special Cash Reserve Accounts maintained against deposits raised under FE-Circular 25 of 1998. This directive supersedes previous notifications dated March 2001 and August 2023, ensuring consistent compensation for foreign exchange deposits held with the central bank.

The State Bank of Pakistan has declared a bank holiday for Thursday, January 1, 2026. All banks, development finance institutions, and microfinance banks must remain closed for public dealing on that date. Office operations will continue normally as all employees are required to attend work as usual.

The State Bank of Pakistan has introduced mandatory climate stress testing guidelines for financial institutions, encompassing physical risk scenarios like floods and transition risks such as carbon tax impacts. These institutions must assess their capital adequacy and liquidity positions using standardized historical flood data and sectoral vulnerability scores while also reporting results regularly to their Risk Management Committees. Furthermore, Domestic Systemically Important Banks are required to incorporate these climate-related risks into their broader macro stress testing and scenario analysis exercises to ensure long-term financial stability.

Authorized Dealers are permitted to allow recurring royalty, franchise, and technical service remittances up to 8 percent of net local sales for specified sectors excluding the financial industry. New operations may receive an initial upfront payment of up to USD 250,000, which must be amortized against the 8 percent recurring fee limit over the agreement duration. Requests exceeding the USD 250,000 upfront threshold require mandatory approval from the Board of Investment.

The State Bank of Pakistan has lowered its Policy Rate to 10.50 percent and set the overnight reverse repo ceiling at 11.50 percent alongside a 9.50 percent repo floor. These adjustments preserve a 200 basis point interest rate corridor and ensure money market overnight rates track the target rate. The revised framework becomes effective on December 16, 2025, while all other existing monetary directives remain in force.

The State Bank of Pakistan maintains a categorized panel of authorized audit firms eligible to perform audits on banks and Development Finance Institutions (DFIs). Audit firms in Category 'A' are qualified to audit all banks and DFIs, whereas those in Category 'B' and 'C' are restricted by specific thresholds for asset size and branch count. Specifically, Category 'B' firms are limited to entities with up to 100 billion in assets or 160 branches, while Category 'C' firms are limited to those with up to 15 billion in assets or 30 branches.

This document lists the State Bank of Pakistan’s authorized audit firms categorized by their eligibility to conduct financial audits for banks and development finance institutions. Firms are divided into three tiers, with Category A eligible for all entities, Category B for institutions with assets up to 100 billion rupees or 160 branches, and Category C for those with assets up to 15 billion rupees or 30 branches. Each entry provides full contact information including office addresses, telephone numbers, fax lines, emails, and website URLs for the listed firms.

The Federal Government has issued a notification exempting all goods from the special customs duty known as the Export Development Surcharge. This exemption is granted under the authority of the Finance Act 1991 and applies to all exports. The directive is effective immediately.

The State Bank of Pakistan’s Domestic Market & Monetary Management Department sets the December 2025 remuneration rate at 2.86 percent for the Special Cash Reserve Account maintained under FE-Circular 25 of 1998. Authorized foreign exchange dealers must apply this fixed percentage to their US dollar deposits held with the central bank. The directive supersedes prior circular letters and applies immediately to all qualifying accounts for the specified month.

This framework mandates that Authorized Dealers (ADs) implement comprehensive risk management policies to detect and mitigate Trade Based Money Laundering (TBML) and Terrorist Financing (TF) risks through robust governance, independent oversight, and technology-driven transaction monitoring. ADs are required to conduct rigorous customer due diligence, specifically focusing on trade-related risk profiles, financial statement analysis, and price verification against fair market benchmarks. The document provides detailed red flag indicators and specific case study examples to assist staff in identifying high-risk trade activities that necessitate enhanced due diligence and suspicious transaction reporting.

This affidavit mandates that directors serving concurrently on the boards of a bank and its wholly-owned exchange company formally commit to managing potential conflicts of interest. The director must perform their duties independently, strictly adhere to arm's-length transaction standards, and maintain rigid information barriers between the two entities. Furthermore, the signatory pledges to recuse themselves from any decisions involving inter-company dealings and to provide full cooperation to the State Bank of Pakistan regarding conflict management.

The State Bank of Pakistan has launched the InvestPak web portal and mandated all banks, primary dealers, and microfinance banks to facilitate digital customer registration for government securities investment. Financial institutions must process onboarding requests within two working days, provide binding quotes for secondary market trades during business hours, and ensure seamless participation in primary auctions. The circular outlines strict compliance requirements for automated portfolio updates, complaint resolution, and continuous yield monitoring to standardize digital trading across the domestic market.

The State Bank of Pakistan’s Statistics and Data Services Department requires all banks, development finance institutions, and microfinance banks to submit annual corporate governance statistics. Institutions must email the completed data file within thirty days of this circular for calendar years 2020 to 2024, and subsequently within fifteen days after each annual financial reporting period closes. This standardized data collection supports risk management, regulatory disclosures, institutional efficiency, and national financial stability policy formulation.

The State Bank of Pakistan’s Domestic Market & Monetary Management Department announces a 3.00% remuneration rate for November 2025 on the Special Cash Reserve Account (US$). This rate applies to foreign exchange deposits raised by authorized dealers under FE-Circular 25 of 1998 and supersedes previous circular notifications on the subject. Authorized dealers must apply this percentage to calculate monthly interest accruals on their US-dollar reserve balances held with the central bank.

The State Bank of Pakistan has issued the Business Conduct and Fair Treatment of Consumers Regulatory Framework (BC&FRF) to consolidate, strengthen, and align existing financial institution guidelines with international best practices. The framework takes immediate effect for all financial institutions except electronic money issuers, which must comply by January 1, 2026, alongside a delayed governance oversight provision. It supersedes numerous prior circulars, mandates strict adherence to responsible conduct standards, and enforces punitive measures for non-compliance.

The State Bank of Pakistan’s Domestic Market & Monetary Management Department establishes a 3.13 percent remuneration rate for October 2025 on US-dollar Special Cash Reserve Accounts held by Authorized Dealers under FE-Circular 25 of 1998. This directive supersedes prior circulars from March 2001 and August 2023 to standardize compensation calculations for these specific reserve balances. Financial institutions must apply the updated rate to their monthly account statements effective immediately for the October cycle.

The State Bank of Pakistan mandates that banks provide specific, comprehensive core information to facilitate effective resolution planning and identify potential impediments to their resolvability. This framework requires banks to report detailed data on relevant material entities, core business lines, internal and external dependencies, and critical financial functions to ensure the maintenance of financial stability. Banks must designate senior leadership for internal coordination and provide reasoned justifications for their selected resolution strategies and assessments of function criticality.

The State Bank of Pakistan has issued revised instructions for the Standardized Approach to credit risk under the Basel III framework, applicable to all banks and development finance institutions. These reforms will be implemented on a parallel run basis from September 30, 2025, to June 30, 2026, to allow for industry feedback and monitoring of implementation challenges. The document outlines updated risk-weighting regimes for on-balance and off-balance sheet exposures, alongside specified credit risk mitigation techniques.

This document establishes the Days Past Due (DPD) criteria and stage allocations required for IFRS 9 impairment provisioning across various banking and financial portfolios, including corporate, consumer, housing, SME, and agriculture lending. It mandates that provisions must be determined by selecting the higher of the IFRS 9 Expected Credit Loss (ECL) calculation or existing Prudential Regulation (PR) requirements for accounts in Stage 3. Financial institutions are explicitly advised that these DPD thresholds function as a backstop, and they must develop internal criteria tailored to shared credit characteristics rather than relying solely on facility-specific classifications.

The State Bank of Pakistan’s Domestic Market & Monetary Management Department announces a 3.27 percent remuneration rate for September 2025 on the Special Cash Reserve Account (US$). This rate applies to authorized dealers maintaining US-dollar deposits under FE-Circular 25 of 1998. The notification supersedes previous circular guidance and establishes the applicable return for the specified month.

The State Bank of Pakistan has introduced the Performance Evaluation System for Investment Abroad (PESIA), a centralized digital repository for reporting data on approved Equity Investment Abroad (EIA) transactions. Authorized Dealers and Designated Authorized Dealers are required to submit transactional and annual performance data through defined Data File Structures (DFS) via the Data Acquisition Portal by the 5th working day of the following month for transactional data and within three months of the investee company's financial year-end for annual reports. Compliance with these reporting standards and data accuracy is mandatory, with failure to adhere subjecting banks to enforcement actions under the Foreign Exchange Regulation Act.

The Domestic Market and Monetary Management Department has fixed the Foreign Exchange Exposure Limit for Authorized Dealers at 7.5 percent of their Tier-1 capital, as disclosed in their latest annual audited financial statements. Each dealer will receive an individually advised limit based on this capital position, streamlining foreign exchange operations amid shifting market conditions. The revised limits take effect on August 4, 2025, while all other existing regulatory instructions remain unchanged.

The State Bank of Pakistan’s Domestic Market & Monetary Management Department has fixed the August 2025 remuneration rate for Special Cash Reserve Accounts at 3.35 percent. This percentage applies to US-dollar deposits held by authorized foreign exchange dealers under FE-Circular 25 of 1998. Dealers must compute and remit the calculated interest to their respective accounts based on this official notification.

This regulatory framework mandates that all banks develop and maintain board-approved, comprehensive recovery plans designed to stabilize operations and avoid failure during severe financial stress. Institutions must define clear recovery triggers, establish a menu of feasible recovery options, and conduct regular scenario testing to ensure operational readiness and effective decision-making. The State Bank of Pakistan (SBP) will formally review these plans for credibility and feasibility, with the power to enforce revisions or impose supervisory actions if banks fail to address identified gaps or maintain adequate recovery capacity.

The State Bank of Pakistan’s Banking Policy & Regulations Department has issued a consolidated framework to streamline customer onboarding and account opening processes for regulated entities. The document unifies existing AML/CFT/CPF instructions into a single set of information and documentary requirements applicable to various customer types, accounts, and wallets. Regulated entities must implement the updated guidelines and corresponding amendments within three months of the circular’s issuance.

The State Bank of Pakistan’s Banking Policy and Regulations Department has issued a revised circular mandating all banks and microfinance institutions to open Sahulat accounts for Benazir Income Support Programme beneficiaries. The framework establishes a standardized onboarding and activation process requiring biometric verification or NADRA Verisys, secure data sharing with BISP and NADRA, and the issuance of cheque books or PayPak debit cards. Beneficiaries can withdraw funds via branches and ATMs without off-us transaction charges, while banks must maintain dedicated coordination functions, employee training, and 24/7 customer support to ensure seamless disbursements during the initial pilot phase.

The Domestic Market & Monetary Management Department has appointed ten Primary Dealers and two Special Purpose Primary Dealers for the 2025-26 fiscal year following a competitive evaluation process. The selected institutions, including United Bank Limited, Bank Alfalah Limited, and National Bank of Pakistan, will execute designated market operations under the existing Primary Dealer framework. Additionally, the department highlighted the top three performers from the previous fiscal year and confirmed that remaining performance rankings will be distributed via individual correspondence.

The State Bank of Pakistan’s Domestic Market & Monetary Management Department establishes a 3.32 percent remuneration rate for July 2025 on Special Cash Reserve Accounts (US$). This fixed percentage applies to deposits raised under FE-Circular 25 of 1998 and supersedes previous circular directives on the subject. Authorized dealers must apply this rate to calculate monthly interest accruals for their respective accounts.

The State Bank of Pakistan has declared a bank holiday for public dealing on July 1, 2025. All banks, development finance institutions, and microfinance banks must remain closed for public transactions on that date. Staff will continue normal office operations while external customer services are suspended.

This document lists the State Bank of Pakistan's official Panel of Auditors categorized into groups A, B, and C as of June 25, 2025. These categorizations define the eligibility of chartered accountant firms to perform audits for banks and Development Finance Institutions (DFIs) based on specific asset and branch count thresholds. Category A firms are authorized to audit all banks and DFIs, while categories B and C are restricted to institutions with asset values and branch networks below 100 billion/160 branches and 15 billion/30 branches, respectively.

The Finance Department of Pakistan has issued updated Standard Operating Procedures directing all agent banks to remit the face value of Pound Sterling denominated Naya Pakistan Certificates to a designated State Bank of Pakistan Nostro account held at HBL Bank UK London. The circular provides exact banking coordinates, including the SWIFT code, IBAN, account number, and sort code, to standardize cross-border certificate investments. All existing regulatory instructions remain unchanged while the updated remittance protocol takes immediate effect.

This document mandates that exporters submit an official undertaking confirming the accuracy of financial instruments and the fair value of exported goods. Exporters are legally required to process all shipping documents through an Authorized Dealer and ensure the timely repatriation of foreign exchange proceeds. Additionally, this declaration authorizes the State Bank of Pakistan to share and access an exporter's outstanding overdue information via the Exporter’s Information Portal to facilitate due diligence and performance assessment.

The Exchange Policy Department has substituted existing formats V-148 and V-149 with revised templates for the Electronic Proceeds Realization Certificate (ePRC) and Statement of PRCs. Authorized Dealers must update their systems and disseminate these instructions to constituents before the October 1, 2025 effective date. All existing procedural guidelines remain unchanged while strict adherence to the new formats becomes mandatory.

The State Bank of Pakistan has transitioned its government securities auctions and Open Market Operation procedures to the PRISM+ platform. Primary Dealers are now mandated to utilize the PRISM+ terminal for bidding, result notifications, and maintaining robust system connectivity, with manual submission permitted only during system unavailability. Additionally, quoting obligations for government securities have been expanded to include the PRISM+ platform alongside existing channels.

The State Bank of Pakistan has launched the upgraded Real-Time Gross Settlement and Central Securities Depository system, PRISM+, effective June 16, 2025. Participants must transition to ISO 20022 messaging, utilize Transitory Accounts for daily liquidity management, and replace existing RTGS Over-the-Counter facilities with Raast OTC by September 30, 2025. The circular mandates operational readiness for Straight-Through Processing, retention of historical transaction data, and timely implementation of system advisories to ensure seamless integration.

The State Bank of Pakistan’s Domestic Market & Monetary Management Department has announced a 3.32 percent remuneration rate for June 2025 on Special Cash Reserve Accounts maintained by authorized dealers against foreign exchange deposits under FE-Circular 25 of 1998. This directive requires all authorized dealers to apply the specified percentage when calculating interest accruals on their US-dollar denominated reserve balances held at the central bank. The updated rate supersedes prior circular notifications and standardizes remuneration calculations for authorized dealers throughout the specified month.

The State Bank of Pakistan’s Domestic Market and Monetary Management Department has upgraded the Foreign Exchange Computerized Reporting System (FXCRS) from a Microsoft Access platform to a new Data Acquisition Portal. Authorized dealers must now upload three specific datasets—FXCRS Deals, FXCRS Balances, and FXCRS Asset Liability Position—via the portal according to daily or monthly schedules with strict morning deadlines. These reporting requirements take effect immediately, while existing daily email submissions will continue until separate discontinuation instructions are issued.

This document lists the State Bank of Pakistan's approved panel of chartered accountant firms classified into three distinct categories based on eligibility criteria for auditing banks and Development Finance Institutions (DFIs). Category A firms are authorized to audit all banks and DFIs, whereas Category B firms are limited to those with assets up to Rupees 100 billion or 160 branches. Category C firms are permitted to audit banks and DFIs with assets not exceeding Rupees 15 billion or a maximum of 30 branches.

The State Bank of Pakistan’s Domestic Market & Monetary Management Department invites eligible financial institutions to apply for Primary, Preliminary Primary, and Special Purpose dealership status for fiscal year 2025-26. Submissions must include a category designation, an ALCO or Board-approved business plan with implementation updates, clearing and settlement process details, audited financial statements, a charge schedule, and current Investor Portfolio of Securities account data. Completed applications must reach the State Bank in Karachi or be emailed to pd.reporting@sbp.org.pk by 30 May 2025.

The State Bank of Pakistan has reduced its Policy Rate from 12.00% to 11.00%, effective May 6, 2025. This adjustment establishes an overnight reverse repo ceiling of 12.00% and a repo floor of 10.00%, preserving the existing 200-basis-point interest rate corridor. Commercial banks and primary dealers must maintain money market overnight rates near the new target while all other monetary management directives remain in force.

The State Bank of Pakistan’s Domestic Market & Monetary Management Department establishes a 3.32 percent remuneration rate for May 2025 on Special Cash Reserve Accounts. This fixed percentage applies to US-dollar deposits held by authorized foreign exchange dealers under FE-Circular 25 of 1998. The circular supersedes prior rate notifications from 2001 and 2023 to standardize compensation for these specific reserve balances.

The Exchange Policy Department has replaced the term “LIBOR” with “Relevant Benchmark Rate” in paragraph 9(v)(a) of Chapter 19 of the Foreign Exchange Manual to address the permanent discontinuation of LIBOR-based reference rates. This amendment modifies the cost of borrowing framework for Foreign Currency loans extended to Micro Finance Banks and Institutions under the Financial Sector Borrowing from Abroad category. Authorized Dealers must notify their constituents to ensure compliance, particularly by submitting local interest rate quotes whenever international borrowing costs exceed the Relevant Benchmark Rate plus five percent.

The State Bank of Pakistan’s Domestic Market & Monetary Management Department has set the April 2025 remuneration rate at 3.32 percent for Special Cash Reserve Accounts maintained under FE-Circular 25 of 1998. Authorized Dealers in Foreign Exchange must apply this fixed percentage to their US-dollar accounts held with the central bank. The directive supersedes prior circular letters and takes immediate effect for the specified monthly period.

This document outlines the formal adoption of AAOIFI Shariah Standard No. 20 regarding commodity sales in organized markets, providing specific textual amendments and clarifications to be read alongside existing clauses. It establishes strict Shariah definitions and rulings for various contract types, including spot, forward, and derivative transactions, while explicitly prohibiting certain futures contracts and practices. The guidance serves to harmonize Shariah-compliant operations in Islamic Banking Institutions by delineating permissible versus impermissible applications of commodity sales and agency agreements.

State Bank of Pakistan requires all regulated entities to transition from web-based to Virtual Private Network (VPN) access for its Regulatory Approval System and Service Desk portals by May 30, 2025. Compliance mandates the procurement of Multifactor Authentication (MFA) licenses and proper VPN configuration for each entity. Affected organizations may obtain technical assistance for MFA acquisition and network setup through the designated SBP VPN Helpdesk.

This document provides the standardized Mudarabah Deal Confirmation template for Islamic Banking Institutions (IBIs) participating in SBP's Standing Ceiling Facility and Open Market Operation (OMO) Injections. It establishes the legal framework for collateral pledging, authorizes SBP to debit accounts at maturity, and grants SBP the authority to sell collateral without a court decree in the event of default. The agreement further mandates that the IBI bears all costs, liabilities, and legal expenses arising from the transaction, pledge maintenance, or potential enforcement actions.

The State Bank of Pakistan mandates adjusted office and public banking hours for all commercial banks, DFIs, and MFBs throughout Ramadan 1446 A.H. Administrative operations will run continuously from 09:00 a.m. to 03:00 p.m. Monday through Thursday and until 12:30 p.m. on Fridays, while public banking services will close at 02:00 p.m. on weekdays and 12:30 p.m. on Fridays. These reduced schedules will automatically revert to standard pre-Ramadan timings once the holy month concludes.

The State Bank of Pakistan has declared a bank holiday for all banks, development finance institutions, and microfinance banks on Monday, March 3, 2025. The closure specifically suspends public dealing to facilitate the deduction of Zakat in accordance with Ministry of Poverty Alleviation & Social Safety instructions. Internal staff will continue normal working hours during the holiday, with operations resuming for public transactions on the following business day.

The State Bank of Pakistan’s Domestic Market & Monetary Management Department has set the March 2025 remuneration rate at 3.32 percent for Special Cash Reserve Accounts maintained under FE-Circular 25 of 1998. Authorized Dealers in Foreign Exchange must apply this fixed percentage to their US-dollar deposits held with the central bank for the specified month. The circular supersedes prior notifications and standardizes compensation calculations to ensure consistent returns on eligible foreign exchange deposits.

The Administrator General Zakat has established the Nisab of Zakat for the 1445-46 A.H. year at Rs. 179,689, below which no Zakat deduction occurs for applicable bank accounts. Zakat collection agencies must execute deductions on the designated deduction date, expected to be March 1st or 2nd, 2025, pending moon sighting. Agencies are required to submit Form CZ-08 (A&B) to the Ministry immediately following the deposit of funds into the Central Zakat Account held with the State Bank of Pakistan.

The Finance Division has issued an amendment to S.R.O. 33(I)/2025 concerning the rates of return for Naya Pakistan Certificates. This notification mandates that the specified rates of return shall officially become effective on the date of the relevant SBP Circular Letter. The core underlying rates for various currencies and tenors remain consistent with those previously published in the January 16, 2025, gazette notification.

The State Bank of Pakistan’s Domestic Market and Monetary Management Department issued revised operational instructions for conducting government securities buyback auctions on behalf of the Government of Pakistan. All primary dealers may submit competitive or non-competitive bids via the Bloomberg Auction Module, specifying bid prices and face values within stipulated deadlines. Successful transactions are settled by debiting securities from the SGLA and crediting current accounts, with auction details and results published on Refinitiv, Bloomberg, and the SBP website.

The State Bank of Pakistan’s Domestic Market & Monetary Management Department has set the February 2025 remuneration rate at 3.31 percent for US-dollar Special Cash Reserve Accounts held against deposits raised under FE-Circular 25 of 1998. Authorized dealers must apply this fixed percentage to calculate interest accruals on their respective reserve balances for the specified month. The directive supersedes prior circular notifications and remains effective until further notice.

This document mandates the adoption of AAOIFI Shariah Standard No. 47 concerning rules for calculating profit in financial transactions within Islamic Banking Institutions. It introduces specific clarifications and amendments to seven key clauses, providing updated readings for headings and regulatory compliance footnotes. Institutions are required to integrate these adjustments into their accounting practices and systems to ensure alignment with Shariah standards.

The State Bank of Pakistan has reduced its policy rate from 13.00% to 12.00%, effective January 28, 2025. This adjustment sets the overnight reverse repo ceiling at 13.00% and the overnight repo floor at 11.00%, preserving a 200-basis-point interest rate corridor. Commercial banks and primary dealers must ensure money market overnight rates track the new target while all other monetary management directives remain in force.

This document formally adopts AAOIFI Shariah Standard No. 31 regarding controls on Gharar in financial transactions and provides specific clause-by-clause clarifications for its application in Islamic Banking Institutions. It defines Gharar as excessive, medium, or minor, and establishes that excessive Gharar in exchange-based contracts invalidates them unless justified by Shari'ah-recognized necessity. Furthermore, the standard details specific conditions under which Gharar in subject matter, price, periods, and delivery requirements renders contracts invalid, while clarifying exemptions for certain security and indemnity arrangements.

The State Bank of Pakistan’s Banking Supervision Department-1 has revised the Data File Structure for Microfinance Banks’ Reporting Chart of Accounts through the DAP4 platform. This update aligns reporting with IFRS 9 and revised financial statement formats while converting bi-weekly submissions to a weekly schedule with deadlines of two, five, and twelve working days for weekly, monthly, and quarterly returns respectively. Microfinance Banks must adopt the updated structure available on the DAP4 knowledge center and discontinue all prior versions effective immediately.

The State Bank of Pakistan’s Banking Supervision Department has revised the Data File Structures (DFS) for all Reporting Chart of Accounts (RCOA) returns submitted by banks and development finance institutions. While submission deadlines for daily, weekly, and quarterly returns remain at two to twelve working days respectively, the monthly RCOA deadline has been extended from two to five working days. Financial institutions must transition to the updated DFS available on the DAP4 knowledge center, as all previously used structures are now discontinued.

The Banking Policy & Regulations Department (BPRD) has mandated that Foreign Exchange Translation Reserves be classified as part of Common Equity Tier-1 (CET-1) capital. This regulatory amendment, effective December 31, 2024, updates the Basel III implementation guidelines for all Pakistani banks and development finance institutions. All other existing capital framework instructions remain unchanged, ensuring a seamless transition for regulated entities.

The Banking Policy & Regulations Department (BPRD) has amended the IFRS 9 Application Instructions to update implementation guidelines for financial institutions. The revised framework mandates retrospective modification accounting effective for loans modified on or after January 1, 2020, and permits general reserves over expected credit losses until December 31, 2026. Islamic banking institutions may retain existing accounting methodologies for revenue recognition and charity fund treatment, provided they disclose the full IFRS 9 impact in their financial statement notes.

The Islamic Finance Policy Department has issued updated instructions governing profit and loss distribution and pool management for Islamic Banking Institutions. The circular mandates that provisions against non-performing assets, write-offs, and losses on investment sales be charged to their respective pools, with any provision reversals or investment value benefits allocated back to the same pool. Additionally, the directive removes the prior restriction excluding fixed assets from these calculations while preserving all other existing circular provisions.

The State Bank of Pakistan has transitioned to a Risk Based Supervisory (RBS) framework to align its oversight of financial institutions with international best practices and address dynamic sector challenges. This framework employs a structured assessment of significant activities, inherent risks, and the quality of internal controls and governance to determine a Composite Risk Rating (CRR) for each entity. Based on this rating, the regulator applies a tiered intervention strategy—ranging from normal monitoring to mandated actions or resolution—that is proportional to the institution's size, complexity, and risk profile.