Today, the State Bank of Pakistan (SBP) announced that deposits held by financial institutions, public sector organizations, and public limited companies will not be subject to the Minimum Profit Rate requirement.
The bank said in a circular day, “Please refer to BPRD Circular No. 05 of 2014 dated May 27, 2014, and BPRD Circular No. 07 of 2013 dated September 27, 201,3 on the above subject.”
Additionally, the minimum rate of return that banks were required to provide on deposits was adjusted by the central bank in September 2013.
With this change, all savings accounts denominated in Pakistani Rupees are now required to pay a minimum profit rate that is 50 basis points lower than the current SBP Repo Rate (Interest Rate Corridor – Floor).
In addition, when the SBP Repo Rate is changed, the authorized changes to the Minimum Profit Rate will take effect on the first day of the next month.
Financial institutions, PSEs, and public limited businesses are no longer subject to this profit rate, according to the most recent revision by SBP.
A new fraudulent scheme designed to deceive Apple users has been discovered, with fake notifications…
One of the favorite Android screen mirroring apps is Scrcpy, which lets you connect your…
Google Photos has rolled out a fresh update to its web platform, replacing the traditional…
Rumble, the video-sharing platform that is particularly popular among conservatives, has disclosed its intention to…
Google and Meta Platforms, the parent company of Facebook, have called on the Australian government…
ISLAMABAD: At the 2024 International Defence Exhibition and Seminar (IDEAS 2024), Global Industrial Defence Solutions…