The following table is a historical summary of State Bank of Pakistan’s monetary policy decisions.
Pakistan’s central bank approved Faysal Bank Ltd.’s purchase of RBS Pakistan Ltd., Syed Wasimuddin, a spokesman for the State Bank of Pakistan, said by telephone from Karachi today.
Pakistan’s central bank said new Islamic banking rules will help meet a goal of almost doubling the industry’s market share to 15 percent in five years.
Pakistan, the world’s second-largest Muslim nation, plans to expand its Shariah-compliant banking industry and attract more investors from the Persian Gulf by boosting sales of sukuk bills.
Pakistan’s central bank left its benchmark interest rate unchanged after two straight increases, pausing even after the International Monetary Fund warned that reserves had fallen to a “critically low” level.
The State Bank of Pakistan kept borrowing costs unchanged, maintaining one of the world’s highest benchmark interest rates, in an economy hurt by inflation, terrorism and falling foreign investment.
The following borrowers are expected to sell Islamic bonds, which use asset returns to pay investors to comply with the religion’s ban on interest.